Filtration, separation and purification products maker Pall Corp. (PLL) is slated to release its second-quarter earnings results after the market closes Thursday.
On average, nine analysts polled by Thomson Reuters expect the company to post earnings of $0.47 per share for the quarter, with estimates ranging between $0.46 and $0.49, while prior year's earnings were $0.38 per share. Revenues are projected to be $589 million, representing a growth of 8.4% from last year's revenues of $543.30 million.
Port Washington, New York-based Pall, which was founded in 1946, manufactures and markets filtration, purification, and separation products and integrated systems solutions worldwide. The company's Life Sciences segment offers technologies that facilitate the process of drug discovery, development, and production, while Industrial segment offers enabling and process enhancing technologies for various industries, such as aerospace, transportation, micro and consumer electronics, municipal and industrial water, fuels, chemicals, energy, and food and beverages. The company has around 10,200 employees.
In its preceding first quarter, Pall reported an increase in profit, helped by decline in expenses and cost reduction programs, despite lower revenues. Net earnings for the quarter increased to $67.0 million or $0.56 per share from $43.1 million or $0.36 per share in the year-ago period. Pro forma earnings per share, excluding restructuring and other charges as well as non-recurring favorable items, were $0.40, flat with last year. Net sales for the quarter declined 5.4% to $546.93 million from $578.02 million in the comparable period year-ago.
Under the Life Sciences segment, Medical sales increased 2.6% in the first quarter, with Blood Filtration submarkets growing 4%. BioPharmaceuticals sales increased 10.3%, and sales within Pharmaceutical submarkets increased 9.8%. Meanwhile, under the Industrial segment, Energy, Water & Process Technologies sales decreased 12.3% in the quarter, Aerospace & Transportation declined 21.6%, and Commercial Aerospace submarkets declined 8.5% reflecting a reduction in flights and production of airframes, particularly for private jets. Sales to Military Aerospace submarkets also fell 29.8%. Microelectronics sales decreased 19.2% over the prior year.
While announcing the first quarter results, Eric Krasnoff, Chairman and CEO, stated, "Life Sciences continues to benefit from the sale of new products targeted to emerging industry trends. While Industrial had a difficult quarter, we believe it has begun to stabilize. There is upside opportunity if the harder hit industrial markets do rebound over the next half-year as many economists expect. We remain confident in Pall's ability to execute its growth plans."
In December, Pall revised its five-year plan originally announced in October of 2008. Earnings per share in fiscal year 2013 are expected to range from $3.67 to $4.77
While announcing the first quarter results, the company said it expects fiscal 2010 pro forma earnings per share 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 items from the first quarter, the earnings per share range is $2.18 to $2.35.
For fiscal year 2009, the company reported net income of $195.62 million or $1.64 per share compared to $217.3 million or $1.76 per share for the fiscal year 2008. For fiscal years 2010 and 2011, analysts presently expect the company to earn $2.07 per share and $2.42 per share, respectively.
The company then said that by the end of fiscal year 2013, it is targeting a four-year compounded annual sales growth rate, or sales CAGR, in the range of 5 1/2% to 8% in local currency. Using current exchange rates, the sales CAGR would approximate 7% to 9 1/2% for this four-year period.
Pall reported revenues of $2.32 billion for fiscal 2009, and $2.57 billion for fiscal year 2008. Analysts, polled by Thomson Reuters, currently expect the company to report revenues of $2.47 billion and $2.62 billion for fiscal years 2010 and 2011, respectively. In January, Pall said that its board increased its quarterly dividend to $0.16 per share, an increase of 10.3% over the previous quarter. Krasnoff then said, "This is the sixth consecutive year Pall Corporation has raised its quarterly dividend. We are committed to delivering value to shareholders."
On February 21, Pall said it has signed an agreement with Carson Helicopters, Inc., under which it will supply its Centrisep engine advanced protection systems or EAPSs to support a joint modernization program for the Sikorsky S-61 helicopter. Pall recently acquired MicroReactor Technologies, Inc., a privately held U.S. biotechnology company, which developed a reliable, easy-to-use and cost-effective miniature bioreactor technology platform.
Among others in the industry, United Technologies Corp. (UTX) in January reported a 7% drop in fourth-quarter profit to $1.07 billion or $1.15 per share from $1.15 billion or $1.23 per share in the prior-year quarter, hurt by dwindling demand for commercial construction equipment and military aircraft. The diversified conglomerate's revenues for the quarter decreased 5% to $14.10 billion from $14.77 billion in the same quarter last year.
In a February 12 research note, brokerage Jefferies & Co initiated its coverage on Pall stock with a 'Buy' rating, while in January, BB&T Capital Mkts initiated its coverage with 'buy' rating.
PLL closed Wednesday's regular trading session at $41.04, up $0.04 or 0.10%, on a volume of 1.08 million shares. In the past 52 weeks, shares have been trading in a broad range of $18.20 to $41.82.
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