Pall Corporation (NYSE:PLL) today reported financial results for the fourth quarter and fiscal year ended July 31, 2012.
Fourth Quarter Sales and Earnings Overview
Total Company:Fourth quarter sales were $783.7 million compared to $780.4 million last year, an increase of 0.4% (+6.1% in local currency (“LC”)). Diluted earnings per share (“EPS”) were $0.73 in the quarter, compared to $0.82 last year. Pro forma diluted EPS (1) were $0.99 compared to $0.76 last year, an increase of 30%. Foreign currency translation negatively impacted fourth quarter EPS by $0.05.
Continuing Operations: (2)Sales in the quarter were $722.4 million, an increase of about 1% (+6.4% LC). Diluted EPS were $0.64 in the quarter, compared to $0.76 last year. Pro forma EPS were $0.86 compared to $0.65 last year, an increase of 32%.Larry Kingsley, President and CEO, said, “We executed a solid fourth quarter. We focused almost exclusively on restoring customer service levels and we have recovered from the ERP implementation challenges in the third quarter of FY12. We also closed the transaction with Haemonetics on August 1 st as planned. We have taken action to insure that we can achieve reasonable shareholder return in a choppy economic environment. “Our BioPharmaceuticals, Machinery & Equipment, and Aerospace markets all performed very well in the quarter. On a regional basis, the Americas had strong growth while Europe and Asia were flat. System sales were negative in the quarter as a function of a very large comparison quarter in FY11, our decision to pare certain unprofitable system sales, and lower capital commitment in some markets. “Consumable orders were strong globally with the exception of our Industrial markets in Europe where orders declined 7% year-on-year. “Our performance reflected slightly better than expected supply chain recovery assumptions as stated in the prior quarter call.”