Pall (NYSE:PLL) saw its profit rise in the most recent quarter.
Earnings and Revenue The company fell short of estimates with adjusted net income of 70 cents a share and revenues of $658 million. Analysts were expecting adjusted net income of 79 cents a share and revenues of $725.2 million.
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For the third quarter, the company reported net income of $78.9 million. According to the reported number, this is up 11% from last year's levels. Revenue climbed 0.6% from $709.8 million in the same period last year.
Company Fundamental Trends
History Against Expectations The company missed forecasts after topping estimates in the previous two quarters. In the second quarter, it topped the mark by 2 cents, and in the first quarter, it was ahead by 9 cents.
Official Comment: Larry Kingsley, President and CEO, said, "It was a difficult quarter, especially as the Eurozone struggled and our previously announced "global go-live" ERP transition disrupted our supply chain more than anticipated. As a result of this temporary disruption, certain shipments of high margin consumables were delayed and we incurred substantial additional costs to take care of our customers. The ERP transition issues are being resolved and we are making good progress in filling past due orders. We expect to have caught up with backorders by this August, which is the beginning of our FY '13, and we are grateful for the continued patience and support of our customers." Noting that consumables orders increased over 3% in Life Sciences, with double digit growth in the Pharmaceutical market and low single digits in Food and Beverage, Kingsley said, "Unrelated to the temporary operational challenges in the quarter, we experienced relatively soft industrial orders in all geographies, with consumables down 8%. While the Americas order rate is strengthening in most end markets, Europe remains weak and we are taking appropriate cost actions to mitigate potential impact on FY '13 profitability."
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.