Pall Hits New 52-Week Low After Pulling Guidance
hit new lows Thursday, on the heels of Wednesday's earnings report in which the company pulled its 2009 guidance.
The East Hills, N.Y.-based company, which develops filtration and purification technologies, reported fiscal second-quarter net income of $38.9 million, or 33 cents per share, compared to $48 million, or 39 cents per share, in the year-ago quarter.
Excluding special one-time charges, Pall adjusted earnings were $45.2 million or 38 cents per share. Net sales fell 13% to $543.3 million from $625.7 million in the year-ago period.
On average, Wall Street analysts expected earnings of 44 cents per share, excluding items, on sales of $581.10 million.
Pall declined to offer any guidance for 2009, citing turbulent economic conditions. The company had previously forecast full-year 2009 earnings of $2.15 to $2.30 per share, excluding charges and currency impacts.
Pall shares traded down $3.93, or -17%, in early afternoon trading Thursday.
We have avoided shares of Pall since our early June coverage began, when the stock traded at $40.73. The company has a 2.56% dividend yield, based on last night's closing stock price of $22.68.
The stock has technical support near all-time technical lows in the $12 to $15 price range. If the stock can rebound, we see overhead resistance around the $26 to $28 levels. We would look elsewhere for a better investment opportunity at this time.
Pall is not recommended at this time, holding a Dividend.com Rating of 2.9 out of 5 stars.