Pall Corporation (PLL) reported its preliminary results for fourth quarter and fiscal year 2011, reporting earnings per share of 82 cents compared with 46 cents in year-ago quarter. The Zacks Consensus Estimate for the quarter is 88 cents. For full year, earnings per share were $2.67 compared with $2.03 in the previous year. The Zacks Consensus Estimate for the year is $2.89.
Sales in the quarter were $780.4 million, an increase of 15% year over year. Full-year sales were $2.74 billion, an increase of 14.1% over fiscal year 2010.
Life Sciences sales increased by 17% while Industrial sales were up 13% in the quarter. Though Life Sciences’ profit was as per the expectations of the company, profit at the industrial segment fell short. of expectation Industrial segment gross profit of 43.2% was negatively affected by higher than forecast demand for capital goods later in the quarter. The yearly performance was good, but the fourth-quarter results were not up to the mark.
During the quarter, the company recorded tax reversing benefit of approximately $27 million of previously recorded tax-related liabilities.
The company will release its regular earnings result on September 14 and hold the earnings call on September 15, 2011.
Based in New York, Pall Corporation was incorporated in July 1946. Along with its subsidiaries, Pall Corporation is a leading supplier of filtration, separation and purification technologies, and utilizes its engineering capability and fluid management expertise.
We currently maintain our Neutral rating on Pall Corporation for the long term, with a Zacks #2 Rank (short-term Buy recommendation) over the next one-to-three months.
