Pall Corp.'s (PLL) fiscal third-quarter profit dropped 30% as
the stronger dollar weighed on the filtration and
water-purification products maker's revenue and margins fell.
Following the results, which included lower-than-expected
revenue, shares were down 4.8% at $25.55 in after-hours trading.
Pall's stock has lost about a third of its value from September,
but has rebounded from its more than six-year low of $18.20 in
March.
For the period ended April 30, Pall reported earnings of $44.2
million, or 37 cents a share, down from $63.3 million, or 51 cents
a share, a year earlier. Excluding restructuring and other items,
earnings fell to 42 cents a share from 54 cents.
Revenue declined 16% to $555.9 million, but would have decreased
6.1% in local currencies. Pall generates a bulk of its revenue from
outside of the U.S., making it more susceptible to currency
changes.
Analysts polled by Thomson Reuters expected per-share earnings
of 42 cents on revenue of $564 million.
Gross margin fell to 47.5% from 48.8%.
Sales from the company's life-sciences segment dropped 6.6% to
$236.3 million, while sales from its industrial segment decreased
22% to $319.6 million.
-By John Kell, Dow Jones Newswires; 201-938-5285;
john.kell@dowjones.com
