Wednesday, filtration and purification products maker Pall Corp. (PLL) reported an increase in profit for the first quarter. The higher profit, amid a decline in revenues, is mainly attributable to a decline in expenses and cost reduction programs. The company also said that it is resuming to provide full-year guidance.
Net earnings for the quarter increased to $67.0 million or $0.56 per share, compared with $43.1 million or $0.36 per share in the year-ago period.
On average, seven analysts polled by Thomson Reuters estimated earnings of $0.40 per share. Analysts' estimates typically exclude special items.
Net sales for the quarter declined by 5.4% to $546.93 million from $578.02 million in the comparable period year-ago. Six Wall Street analysts estimated a revenue of $558.98 million for the quarter.
Segment-wise, sales in the Life Sciences segment was $238.91 million and sales in the Industrial segment was $308.02 million.
Under the Life Sciences segment, Medical sales increased 2.6% in the quarter, with Blood Filtration submarkets growing 4%. Pall-Aquasafe water filter sales were strong. BioPharmaceuticals sales increased 10.3% in the quarter with growth in all geographies. Sales within Pharmaceutical submarkets increased 9.8% with strong consumables growth in all geographies. Vaccine production remains high.
Under the Industrial segment, Energy, Water & Process Technologies sales decreased 12.3% in the quarter. Fuels and Chemicals and Power Generation submarkets were flat and sales to Municipal Water, Food & Beverage and Industrial Manufacturing submarkets were down.
Within Industrials, Aerospace & Transportation declined 21.6% in the quarter. Commercial Aerospace submarkets declined 8.5% reflecting a reduction in flights and production of airframes, particularly for private jets. Sales to Military Aerospace submarkets decreased 29.8% compared to a very strong quarter a year ago. Sales to Transportation submarkets were down on continued weakness in mobile equipment production.
Microelectronics, another market under Industrial segment, sales decreased 19.2% over the prior year, but held steady sequentially over an improved fourth quarter.
According to the company, overall, gross margin in the quarter improved 110 basis points over last year.
The company's cost of sales declined to $276.74 million from $298.63 million in the year-ago period. Selling, general and administrative expenses declined to $176.65 million from $180.50 million due to the company's cost reduction programs. Research and development expenses declined to $17.24 million from $18.93 million in the prior year period.
Eric Krasnoff, chairman and chief executive officer, stated, "This quarter's results exemplify the strength of Pall's market and geographic diversity as well as the success of our investments and execution of corporate initiatives. Key Industrial end markets remained depressed. The Life Sciences business was strong, particularly in high value added, differentiated product lines."
According to the annual guidance provided by the company, the pro forma earnings per share is projected to be in a range of $2.02 to $2.19 per share. This guidance includes a $0.17 benefit from foreign currency translation. By also including the Discrete Items from the first quarter, the EPS range is $2.18 to $2.35.
Seven Wall Street analysts currently estimate full year earnings of $1.90.
PLL is currently trading on the New York Stock Exchange at $31.39, down $0.18 or 0.57%. In the after hours the stock traded up $2.56 or 8.16%.
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