J.P Morgan Comments On Pall Corporation Following Positive Earnings

Pall Corporation PLL reported 2Q:F11 EPS from operations of $0.68 versus $0.42 in the year-ago period and the Street consensus estimate of $0.57. The difference between reported results and JPM's estimate was due to higher than expected Biopharmaceutical and Energy & Water volumes versus its expectation. Industrial operating profits of $83.7M were above J.P Morgan's projection of $73.4M and Life Sciences operating profits of $47.9M were also above the $36.3M forecast. Overhead was consistent with expectations and higher sales led to higher gross profits.

J.P Morgan expects the shares to trade up for the day. Pall raised its F2011 EPS guidance to a range of $2.80-2.90 versus $2.48-2.63 previously and the current Bloomberg consensus of $2.62. Pall's guidance includes a F2011 currency benefit of $0.09/share versus its previous assumption of neutral currency effects.

JPM has a Neutral rating on PLL

PLL closed Thursday at $53.69