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Pall Corporation Reports Second Quarter Results

Pall Corporation (NYSE: PLL) today reported financial results for the second quarter of fiscal year 2013 which ended on January 31, 2013.

Second Quarter and Six Months Continuing Operations Sales and Earnings Overview (1)

Second quarter sales were $662.5 million compared to $640.0 million last year, an increase of 3.5%. Sales in local currency (“LC”) were up 3.9% year over year. Diluted EPS were $0.70 in the quarter, compared to $0.63 last year. Pro forma diluted EPS (2) were $0.73 compared to $0.67 last year, an increase of 9.0%. Foreign currency translation negatively impacted second quarter EPS by $0.01.

For the six months, sales were flat year over year (+1.9% in LC). Diluted EPS were $1.48 in the six months, compared to $1.14 for the same period last year. Pro forma EPS were $1.41, a 6.0% increase compared to $1.33 a year earlier, including a negative impact of approximately $0.04 from foreign currency translation.

Larry Kingsley, Pall President and CEO, said, “Life Sciences continued to perform well, with all three markets achieving solid sales growth. BioPharmaceuticals in particular had a strong quarter. The Industrial segment continues to face the headwinds that we characterized last quarter. Some end markets are down year-over-year and others are flat. The exception in the segment is Aerospace, which grew double digits in the quarter.”

Life Sciences – Second Quarter Highlights

(Dollar Amounts in Thousands and Discussion of Sales Changes are in Local Currency)
         

Sales:

JAN. 31, 2013 JAN. 31, 2012

%

CHANGE

% CHANGE IN

LC

BioPharmaceuticals $ 218,775 $ 201,647 8.5 9.0
Food & Beverage 56,948 53,366 6.7 7.6
Medical   53,459   44,218 20.9 21.4
Total Life Sciences segment $ 329,182 $ 299,231 10.0 10.6
 
Gross profit $ 192,136 $ 177,683
% of sales 58.4 59.4
Segment profit $ 82,477 $ 78,088
% of sales 25.1 26.1
 

BioPharmaceuticals : Within BioPharmaceuticals, our Pharmaceuticals sales increased 11%. Consumables sales to Pharmaceuticals customers grew 14%. Continued strength in the biotech market, as well as a strong contribution from ForteBio, drove consumables sales growth. Systems sales were down 11%. Laboratory sales were down 6% overall, on weakness in the Americas and Europe.

Food and Beverage : Consumables sales were up 5%. This reflects strong consumables sales growth in the Americas, due in part to Latin America and accompanied by solid growth in Asia. Europe continued to be affected by lower beer and wine production levels. Overall systems sales grew about 20%, with contributions from all regions.

Medical : Medical grew on strong sales in the OEM market and blood media. Hospital Critical Care contributed solid growth as well.

Industrial – Second Quarter Highlights

(Dollar Amounts in Thousands and Discussion of Sales Changes are in Local Currency)
         

Sales:

JAN. 31, 2013 JAN. 31, 2012

%

CHANGE

% CHANGE IN

LC

Process Technologies $ 200,435 $ 211,654 (5.3 ) (5.1 )
Aerospace 64,287 54,959 17.0 16.5
Microelectronics   68,551   74,203 (7.6 ) (6.5 )
Total Industrial segment $ 333,273 $ 340,816 (2.2 ) (1.9 )
 
Gross profit $ 149,827 $ 160,482
% of sales 45.0 47.1
Segment profit $ 48,104 $ 48,129
% of sales 14.4 14.1
 

Process Technologies : Machinery & Equipment sales were down almost 8%. In-plant sales declined due to weak end-market demand in Europe and Asia, despite strength in the Americas. In addition, the heavy off-road equipment market was soft globally.

Sales in Fuels & Chemicals were flat as growth in the Americas and Asia was offset by a decline in Europe.

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