Pall Corp. Q2 Adj. Profit Tops View; Tightens FY14 Pro Forma EPS View

(RTTNews) - Filtration products maker Pall Corp. (PLL) reported that its second quarter ended January 31, 2014 net earnings rose to $83.67 million from $76.77 million in the year ago quarter. Earnings per share were $0.75, compared to $0.67 last year.

Pro forma earnings per share from continuing operations were $0.82, a 12% increase compared to $0.73 a year earlier, including a negative impact of approximately $0.04 from foreign currency translation.

Second quarter sales were $677.0 million compared to $662.5 million last year. Sales in local currency were up 4%.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.80 per share and revenues of $677.33 million for the quarter. Analysts' estimates typically exclude special items.

Given its solid operating performance and its strong order rates, the company tightened its fiscal 2014 earnings per share guidance range while maintaining its original mid-point. It now expects the fiscal year pro forma earnings per share to be between $3.35 and $3.45—which includes the absorption of approximately $0.10 of earnings per share headwind from the ATMI LifeSciences acquisition and translational foreign currency. Analysts project annual earnings per share of $3.42.

In December, Pall Corp. had reaffirmed its total overall fiscal 2014 guidance for pro forma earnings per share to be $3.30 - $3.50.