Polypore International Drops 11% After Earnings Miss
Polypore International (NYSE: PPO) is taking a beating in after hours trading after announcing its third-quarter results.
The company's Q3 EPS came to $0.18 -- significantly lower than the Street's estimate of $0.30.
Earnings per share were down 51 percent from the year-ago period.
Polypore reported sales of $152 million -- roughly $9 million less than the company earned during the year-ago period. During Q3 2012, Polypore reported sales of $161.4 million.
"During the third quarter our Transportation and Industrial and Separations Media segments, which represent the majority of our Company, delivered solid performance, and the Company continued to generate substantial free cash flow," Robert B. Toth, President and Chief Executive Officer of Polypore International, said in a company release.
"In the Electronics and EDVs segment, consumer electronics orders remained weak and EDV volumes declined sequentially as we are active in supply discussions. These ongoing discussions can impact order flow and quarterly results given the size and scale of certain customers."
Toth said that in the EDV market (where he believes that development momentum has and will continue), the company is working to formalize partnerships with multiple customers.
"As the leading qualified supplier to the largest number of vehicle models in the market, we are working with many current and next generation battery makers, and we are focused on making disciplined decisions in the interests of our shareholders, rather than reacting to short-term dynamics," he added.
This is not the first setback for Polypore International. The firm has traded all over the place this year, and was down more than seven percent year-to-date as of Friday, November 1.
Today's losses are sure to compound Polypore's troubles.
Disclosure: At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.
Louis Bedigian is the Senior Tech Analyst and Features Writer of Benzinga. You can reach him at louis(at)benzingapro(dot)com. Follow him @LouisBedigianBZ
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