Pall 3Q profit more than doubles |
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Thu, 31 May 2007 23:44
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EAST HILLS, N.Y. (AP) - Pall Corp., which makes filtration systems for industrial applications, said Thursday its third quarter profit more than doubled due to cost cutting and strong sales in both its industrial and life sciences divisions.For the quarter ended April 30, net income grew to $67.1 million, or 54 cents per share, from $25.2 million, or 20 cents per share in the prior year period.Excluding one time gains and charges, the company said it earned 53 cents per share.Analysts polled by Thomson Financial expected earnings of 43 cents per share for the quarter on revenue of $552.3 million.Revenue rose 10 percent to $559.4 million from $510 million in the third quarter of 2006.Sales in the company's industrial division -- its biggest -- rose 9 percent while sales in the life sciences segment climbed 11 percent.The company attributed some of its profit boost to cost cutting initiatives that helped expand margins. Pall also credited a 15 percent sales rise in its biopharmaceuticals area -- part of its life sciences division -- with the strong quarter.Pall added that it expects a strong fourth quarter with low revenue growth.Pall shares rose 50 cents to $45.25 in electronic after-hours trading. During regular trading hours, the shares fell 17 cents to close at $44.75.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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