Pall 1Q Sales Drop More Than Expected On Industrial Weakness
DOW JONES NEWSWIRES
Pall Corp. (PLL) said its fiscal first-quarter sales slid a bigger-than-
expected 5.4% as declines in the company's industrial segment outweighed gains
in its life-sciences arm.
Separately, the company said it won't renew its poison pill plan, letting it
expire Dec. 1. Such efforts are considered anti-shareholder as they are
generally intended to ward off takeover efforts opposed by management or the
board or both.
The filtration and purification company said revenue for the quarter ended
Oct. 31 was $546.9 million, compared with analysts' average estimate of $571,
according to Thomson Reuters. Sales in local currency were down 6.9%.
Revenue in its larger industrial segment dropped 14% overall. "Many of the
industrial end markets Pall serves continue to be depressed," said Chief
Executive Eric Krasnoff.
Revenue at Pall's life-sciences division, which includes medical and
pharmaceutical sales, jumped 8.4%.
The company will release its fiscal first-quarter results Dec. 9. In
September, the company said its fiscal fourth-quarter profit fell 0.6%, topping
Wall Street's expectations, even as revenue declined 9.9%.
Shares of Pall closed Tuesday at $34.62 and were inactive premarket.
-By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@
dowjones.com;
(END) Dow Jones Newswires
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