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Pall Corp's 1Q profit weighed by one-time charges
Created on Thursday, 08 December 2011 20:12Category: Earnings
PORT WASHINGTON, N.Y. (AP) -- Filtration equipment manufacturer Pall Corp. said Thursday that its profit declined 2.7 percent in its fiscal first quarter as restructuring charges offset a sharp increase in revenue.
The company said net income slid to $69.5 million, or 59 cents a share, for the three months ended Oct. 31. That compares with net income of $71.4 million, or 61 cents a share, in the prior-year quarter.
Excluding one-time charges related to cost-cutting initiatives, the company earned 74 cents a share for the quarter.
On that basis, the latest results trumped analysts' consensus forecast for net income of 65 cents a share, according to FactSet.
Quarterly revenue grew 16.5 percent to $705.6 million from $605.5 million a year earlier, fueled by higher sales across its business segments. Analysts had anticipated $648.1 million in revenue.
Life sciences sales grew 14.3 percent to $356.1 million, while industrial sales rose nearly 19 percent to $349.5 million.
Pall shares ended regular trading down $1.38, or 2.6 percent, at $52.50. The stock added $2, or 3.8 percent, to $54.50 in aftermarket trading following the release of the earnings report.
Courtesy Yahoo Financial News