Pall cuts fiscal 2010 forecast on smaller foreign exchange benefit, slower industrial recovery
By APThursday, March 11, 2010
Pall trims fiscal year 2010 forecast
NEW YORK — Filtration and purification products maker Pall Corp. on Thursday scaled back its fiscal year 2010 forecast, saying it had initially forecast a stronger recovery from its industrial clients.
Shares fell $1.75, or 4.3 percent, to $39.09 in after-hours trading.
The company had also expected a stronger 17-cents-per-share benefit from foreign currency conversions. It modified that estimated benefit to 9 cents per share.
It now expects earnings between $1.95 per share and $2.05 per share, excluding some items. Including those items, the expected range is $2.11 to $2.21 per share.
Analysts polled by Thomson Reuters expect earnings of $2.07 per share for the fiscal year ending in July.
The company in January said it expected earnings between $2.02 and $2.19 per share.
