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TheStreet Open House

Pall Corporation Reports Fourth Quarter And Full Year Results

Stock quotes in this article: PLL

Pall Corporation (NYSE: PLL) today reported financial results for the fourth quarter and fiscal year ended July 31, 2013.

Fourth Quarter and Full Year Continuing Operations Sales and Earnings Overview (1)

Fourth quarter sales were $716.8 million compared to $722.4 million last year, a decrease of 1%. Sales in local currency (“LC”) were up slightly. Diluted EPS were $0.76 in the quarter, compared to $0.64 last year. Pro forma diluted EPS (2) were $0.90, a 5% increase compared to $0.86 a year earlier, including a negative impact of approximately $0.03 from foreign currency translation.

For the full year, sales declined 1% over last year. Sales in LC increased 1%. Diluted EPS were $2.89 for the full year, compared to $2.39 for the same period last year. Pro forma diluted EPS (2) were $3.04, a 9% increase compared to $2.80 a year earlier, including a negative impact of approximately $0.10 from foreign currency translation.

Larry Kingsley, Pall President and CEO, said, “In light of continued economic challenges, particularly impacting our Industrial business, we delivered solid results this year. This was largely due to improved operational execution and the benefit of our structural cost actions.”

Life Sciences – Fourth Quarter Highlights (Dollar Amounts in Millions and Discussion of Sales Changes are in Local Currency)

                     

Sales:

JUL. 31, 2013 JUL. 31, 2012

% CHANGE

% CHANGE IN LC

BioPharmaceuticals $ 215 $ 205 5 6
Food & Beverage 47 50 (5 ) (4 )
Medical   54   51 5 5
Total Consumables 316 306 4 4
Systems   38   29 31 33
Total Life Sciences segment $ 354 $ 335 6 6
 
Gross profit $ 201 $ 194
% of sales 56.8 57.9
Segment profit $ 86 $ 86
% of sales 24.2 25.7
 

BioPharmaceuticals : Consumables sales grew 6% compared to last year, on continued strength in the Biotech sector.

Food and Beverage : Consumables sales were down 4% compared to last year, on weakness in China as well as in several European countries.

Medical : Consumables sales grew 5% compared to last year, on strong sales in Hospital Critical Care and Blood Media.

Systems : Sales increased 33% compared to last year, on timing of BioPharmaceuticals and Food & Beverage capital spend.

Industrial – Fourth Quarter Highlights (Dollar Amounts in Millions and Discussion of Sales Changes are in Local Currency)

       

Sales:

  JUL. 31, 2013     JUL. 31, 2012    

% CHANGE

   

% CHANGE IN LC

Process Technologies $ 151 $ 151 (0 ) 1
Aerospace 60 67 (11 ) (10 )
Microelectronics   73   83 (12 ) (7 )
Total Consumables 284 301 (6 ) (4 )
Systems   79   87 (9 ) (9 )
Total Industrial segment $ 363 $ 388 (7 ) (5 )
 
Gross profit $ 168 $ 179
% of sales 46.3 46.0
Segment profit $ 68 $ 68
% of sales 18.8 17.4
 

Process Technologies : Consumables sales grew 1% compared to last year, on strength in Fuels & Chemicals.

Aerospace : Consumables sales were down 10% compared to last year, on weakness in Military Aerospace. This decline was largely due to strong helicopter program sales last year that did not repeat. Commercial Aerospace consumables sales grew 4%.

Microelectronics : Consumables sales were down 7% compared to last year, on continued weakness in the display and data storage end-markets.

Systems : Sales declined 9% compared to last year, on weakness in Municipal Water.

Conclusion/Outlook

Kingsley concluded, “In fiscal year 2014, we expect revenue growth in the low-to-mid single digits, resulting in pro forma EPS of $3.30 to $3.50, growth of 9% to 15%, representing significant operating leverage.”

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