Filtration products maker Pall Corp. (PLL) on Thursday reported a better-than-expected third quarter profit, helped mainly by tight cost control even as sales declined 3%.
Larry Kingsley, Pall President and CEO, said, "The best way to summarize our performance for the quarter and nine months is that, in the face of continued economic challenges, we are delivering pretty solid returns. This is largely due to improved operational execution and the effect of our structural cost actions."
Pall shares remained unchanged in after hours trading after closing the day's regular trading session at $71.85, up 78 cents or $1.10%. The shares trade in a 52-week range of $49.97 to $73.19.
The Port Washington, New York-based company reported net income for the third quarter of $73.1 million or $0.64 per share, compared to $78.9 million or $0.67 per share for the year-ago quarter.
Income from continuing operations for the third quarter was $74.3 million or $0.65 per share, compared to $70.9 million or $0.60 per share in the prior year quarter.
Excluding items, adjusted net income from continuing operations for the third quarter was $83.6 million or $0.74 per share, compared to $72.7 million or $0.61 per share in the third quarter of last year.
On average, 9 analysts polled by Thomson Reuters expected the company to earn $0.73 per share for the third quarter. Analysts' estimates typically exclude special items.
Net sales for the third quarter fell 3% to $641.19 million from $657.98 million in the same quarter last year. Nine analysts had a consensus revenue estimate of $664.76 million for the third quarter.
Third quarter sales at the company's Life Sciences segment rose 3% to $326 million, with Bio Pharmaceuticals up 9%. Sales at the company's Industrial segment fell 7% to $315 million, with Process technology down 13% and Microelectronics down 14%.
The company said it now expects full year sales to be flat year over year, excluding impact from foreign currency translation, compared to its prior expectations of flat-to-low single digit growth.
The company now forecast full year adjusted earnings of $2.95 to $3.05 per share, compared to its earlier forecast of $2.95 to $3.15 per share. Analysts currently expect the company to earn $3.07 per share for the full fiscal year 2013.
"While the company is executing well, we're mindful of the slower global environment that many of our customers are experiencing," Kingsley said.
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