Pall Gains After Earnings, Sales Beat Estimates
Pall Corp. (PLL), a producer of water- filtration and purification systems, rose the most in more than a year after reporting fiscal fourth-quarter profit that beat analysts’ estimates as pharmaceutical and aerospace sales increased.
The shares climbed 8 percent to $62.80 in New York, the most since Aug. 9, 2011.
Net income dropped 11 percent to $86.2 million, or 73 cents a share, in the three months through July, from $97.4 million, or 82 cents, a year earlier, the Port Washington, New York-based company said in a statement yesterday after the close of regular trading. Earnings excluding discontinued operations and including a tax-related adjustment were 86 cents a share, beating the 77-cent average of 10 estimates complied by Bloomberg.
Revenue from Pall’s biopharmaceutical unit climbed 8.9 percent while aerospace sales advanced 17 percent. The company’s industrial unit, which includes aerospace, reported a 39 percent increase in gross profit to $67.6 million. That exceeded JPMorgan Chase & Co.’s estimates of $56.3 million, Jeffrey Zekauskas, an analyst for the bank who has a hold rating on the shares, said in a note.
“The Americas had strong growth while Europe and Asia were flat,” Pall Chief Executive Officer Larry Kingsley said in the statement.
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