Pall Drops After Earnings Trail Estimates on Filter Sales
Pall Corp. (PLL) fell the most in nine months after the maker of filtration and separation products posted third-quarter earnings that lagged analysts’ estimates.
Pall dropped 4.3 percent to $52.29 at the close in New York, the biggest decline since Sept. 8.
Profit in the three months ended April 30 was 70 cents, excluding restructuring costs and some tax items, Port Washington, New York-based Pall said yesterday in a statement. The average estimate of 10 analysts compiled by Bloomberg was 76 cents.
Revenue in the life-sciences unit was “surprisingly weak,” particularly for products used to make biological drugs, Jon Wood, a New York-based analyst at Jefferies & Co., said today in a report. Lower demand for some industrial products “is highly concerning,” said Wood, who rates the shares hold.
Sales in the year starting Aug. 1 will rise by a “low single-digit” percentage, Pall said in the statement. The average estimate of 9 analysts compiled by Bloomberg was for sales to rise 3.5 percent.
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