Pall Corp., a Port Washington maker of high-tech purification devices, said its third-quarter profits slipped on flagging industrial sales in Europe and Asia.
Thursday after the market close, the company reported revenue year over year fell 3 percent, to $641.2 million, during the three months ending April 30. Net income dropped more than 7 percent, to $73.1 million, or 64 cents per share.
Friday morning, Pall’s stock fell sharply after opening, dropping 7.6 percent to $65.05 shortly after opening at $70.39. The stock mostly recovered and by midmorning had rebounded to $69.50, which was still 3.3 percent below its opening price.
"In the face of continued economic challenges, we are delivering pretty solid returns," Pall president and chief executive Larry Kingsley said Thursday.
He said he expected the company's full-year earnings, at $2.95 to $3.05 a share, would be in the "bottom half" of the previously expected range.
The company, founded six decades ago by scientist and inventor David Pall, is among the world's largest manufacturers and distributors of filters. Pall has roughly 11,000 employees globally, with an estimated 750 on Long Island.
Revenue from the company's largest unit, life sciences, increased 3 percent during the third quarter, to $326 million, on higher sales to biopharmaceutical and medical customers in the United States and Europe.
That increase, however, was offset by dwindling sales from Pall's industrial unit in Europe and Asia, where revenue from manufacturers of computer chips, microelectronics and other goods fell 13 percent.
The company's third-quarter revenue fell short of the expectations of analysts, who had forecast sales of $664.8 million.