Pall Corp. earnings report boosts stock
Shares of Pall Corp., a maker of high-tech purification devices to filter beer, water and myriad other substances, rose last night after the Port Washington company released fourth-quarter earnings that beat analysts' expectations.
Pall's stock climbed 7.79 percent to $62.70 in after-hours trading after it said sales rose modestly during June, July and August as the company recovered from a supply-chain disruption earlier this year. Revenue edged up 0.4 percent, to $783.7 million, compared with the same period last year.
Despite the rise in sales, the company's net income dropped 11 percent, to $86.2 million, or 64 cents per share. That decrease stemmed in part from Pall paying $35.9 million in restructuring costs, an increase of about $23 million from the year-earlier quarter, mostly due to severance payments as the company sought to lower expenses.
Pall's fourth-quarter profits were also lower compared with 2011 because of taxes. This year, the company set aside $25.3 million. In 2011, its fourth-quarter taxes came to $9.5 million after receiving a $19 million refund following the resolution of an audit by the Internal Revenue Service.
The company, founded six decades ago by David Pall, is among the world's largest manufacturers and distributors of filters, and is the fifth largest public company on Long Island by revenue. It has roughly 11,000 employees globally, with an estimated 750 on Long Island.