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UPDATE: Wedbush Reiterates on Polypore International Following Messy 3Q13 Results Report


In a report published Tuesday, Wedbush analyst Craig Irwin reiterated a Neutral rating on Polypore International (NYSE: PPO), but lowered the price target from $44.00 to $38.00.

In the report, Wedbush noted, “The company reported 3Q13 revenue/adjusted-EPS of $152.0m/$0.18, vs. our forecast of $175.0m/$0.33 and consensus at $167.3m/$0.30. Gross margin of 31.3% was (220 bps) below our estimate of 33.5% (consensus was 34.7%). Lithium separator revenue came in at $27.8m and was ($12.2m) below our model, down (34%) Q/Q and down (36%) Y/Y. Lithium segment operating income was $2.3m down $8.5m Q/Q and down ($8.2m) Y/Y. Variable contribution margins were around 60% in the quarter, showing the negative profit leverage to lithium separators weakness.”

Polypore International closed on Monday at $43.90.

Latest Ratings for PPO

Mar 2015Cowen & Co.DowngradesOutperformMarket Perform
Feb 2015William BlairDowngradesOutperformMarket Perform
Feb 2015MLV & Co.DowngradesBuyHold

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