Pall Q4 Results Top Estimates - Update

(RTTNews) - Filtration products maker Pall Corp. (PLL) Thursday reported a marginal drop in profit for the fourth quarter, along with a slide in revenues. Proforma earnings from continuing operations and revenues topped Wall Street estimates.

Net earnings dropped to $85.63 million from $86.21 million in the previous year. Earnings per share rose to $0.75 from $0.73 on lower shares outstanding in the just concluded quarter. Earnings from continuing operations rose to $0.76 from $0.64 last year.

Proforma earnings from continuing operations increased to $0.90 from $0.86. On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $0.89 for the quarter. Analysts' estimates typically exclude special items.

Net sales slid to $716.82 million from $722.37 million in the prior year. Analysts expected revenues of $714.35 million.

Life Sciences segment sales grew 6 percent to $354 million with a 5 percent growth each in BioPharmaceuticals and Medical businesses.

BioPharmaceuticals business benefited from the strength in the Biotech sector, while the Medical business saw strong sales in Hospital Critical Care and Blood Media. Food and Beverage saw a 4 percent drop, on weakness in China and some European countries.

The Industrial segment saw a 7 percent decline in sales at $363 million, with declines in Process Technologies, Aerospace and Microelectronics.

Larry Kingsley, Pall President and CEO, said, "In light of continued economic challenges, particularly impacting our Industrial business, we delivered solid results this year. This was largely due to improved operational execution and the benefit of our structural cost actions."

In fiscal year 2014, the company expects revenue growth in the low-to-mid single digits, leading to pro forma earnings per share of $3.30 to $3.50, growth of 9 to 15 percent. Analysts expect the company to report annual earnings per share of $3.48.

PLL closed at $69.20 on Wednesday.