Pall Corp., the Port Washington-based global filtration maker, reported Thursday that its earnings dropped 2.7 percent due to restructuring costs, but the company's share prices rose in aftermarket trading due to its sharp increase in sales, especially in Brazil and other emerging markets.
Pall shares were up nearly 10 percent in early trading Friday, rising $5.10 to $57.50.
The earnings report was for August through October, the first quarter of Pall's fiscal year. It showed a 16.5 percent increase in net sales.
Pall reports net sales of $705.6 million, up from $605.4 million the same quarter last year.
Net earnings in the quarter were $69.4 million, down from $71.4 million in the prior-year period. Quarterly diluted earnings per share were $0.59, down from $0.61. The company did not immediately provide details on the restructuring that affected profits.
The report was the first issued under Pall's new chief executive, Larry Kingsley, who took the reins after the resignation of longtime chief executive Eric Krasnoff.
“We are encouraged by the strength of orders in the quarter, an indication of continued growth in a mixed environment," Kingsley said in a prepared statement.
“We also achieved impressive sales growth with first quarter sales crossing the $700 million mark for the first time. We see our strategic investments in the developing world paying off with sales growth of about 35 percent," he said.
Kingsley said orders in all three of Pall's global regions had double-digit increases and clients maintained their capital spending.
With a market capitalization of $5 billion, Pall is one of Long Island's largest companies, and one of the world's purification and filtration giants.
It has about 500 employees on Long Island and 10,400 others worldwide, producing systems to process water, blood, beer, wine, milk and other liquids.
Photo shows Pall's GeneDisc system, which is used by Germany's national reference laboratory to expedite testing of food samples for the toxic strain of the pathogen E.coli.
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