Shares of Polypore International Inc. (PPO) slipped almost 14 percent in extended trading Wednesday after the battery technology company reported earnings and revenue for the fourth quarter below analysts' estimates.
The Charlotte, North Carolina-based company also said it expects first-quarter results to be below the fourth quarter sequentially, as some headwinds experienced during the fourth quarter will impact near-term results. However, analysts expected a sequential increase in earnings and revenue for the first quarter.
Polypore's profit for the fourth quarter rose 49 percent on strong sales of its lithium battery separators.
Sales of lead-acid battery separators in the quarter were comparable with the year-ago period, while lithium battery separator sales grew 53 percent.
Sales at the company's separations media segment increased 5 percent in the quarter, reflecting a 7 percent sales in healthcare products and a 3 percent increase in sales of filtration and specialty products. Looking ahead, Robert Toth, President and Chief Executive Officer of Polypore International said, "We began to experience some headwinds in the fourth quarter, which will impact near-term results. We would expect first quarter results to be below fourth quarter 2011 sequentially, yet we anticipate full year growth and we remain focused on building our business for the long term."
On average, analysts polled by Thomson Reuters expect the company to earn $0.66 per share for the first quarter on revenues of $205.17 million. Analysts estimates typically exclude special items.
The company's fourth-quarter net income was $26.4 million or $0.56 per share, up from $17.7 million or $0.38 per share in the prior-year period.
Adjusted net income for the quarter rose to $27.6 million or $0.58 per share from $19.9 million or $0.43 per share in the comparable quarter last year. Analysts expected the company to report earnings of $0.60 per share. Analysts' estimates typically exclude special items.
Net sales for the quarter rose 13 percent to $191.0 million from $169.5 million in the prior-year period, but missed analysts' consensus estimate of $196.34 million. PPO closed Wednesday's trading at $43.52, up $0.33 or 0.76 percent on a volume of 3.05 million shares. However, in after-hours trading, the stock declined $6.07 or 13.95 percent to $37.45.
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