UPDATE: Pall FQ1 Profit Beats Estimates

Pall

reported better-than-expected results for the fiscal first quarter. The Port Washington, New York-based company posted quarterly earnings of $88.3 million, or $0.81 per share, compared to $71.5 million, or $0.63 per share, in the year-ago period. Excluding non-recurringitems, the company earned $0.89 per share. Its revenue climbed 10.6% to $696.5 million in the period. However, analysts were expecting earnings of $0.80 per share on revenue of $685.5 million. Total Life Sciences segment sales jumped 14% to $352 million, while Total Industrial segment gained 13% to $344 million in the quarter. Orders in the quarter gained 8% in the quarter. Larry Kingsley, Pall Chairman and CEO, said, “The dramatic strengthening of the U.S. Dollar, which began during our first quarter, will be a very significant earnings headwind for the year. However, our operating momentum provides us with confidence that we can largely offset FX and deliver a full year outlook consistent with our original guidance.” For the full year, Pall projects earnings of $3.75 to $3.95 per share. Pall shares closed at $94.69 yesterday.