Europe drags back Pall results in second quarter
earnings held back by weak demand in the biopharmaceuticals
industry, particularly in Europe.
Revenues in the quarter ended 31 January increased 10 per cent to $428 million (€352m), although the effect of the weak dollar swelled this figure by around $35 million. Pall reported sales of $377 million in the like, year-earlier period.
Earnings rose 5.3 per cent on a pro forma basis to $33.7 million, with earnings per share at $0.25, the same as in the second quarter of fiscal 2003. However, the restructuring charges of $13.7million pegged back net profit to $24.9 million ($0.20 EPS), down from $31.4million ($0.25 EPS) a year earlier.
Sales in BioPharmaceuticals were down 10.5 per cent in the quarter. Again, weakness in Europe and some delays in large systems orders were the culprits. The smaller BioSciences division was down almost 5 per cent as it continued to be hampered by laboratory research spending cuts. BioPharmaceuticals' operating profit margin came in at 19.2 per cent, approximately the same as last year's margin.
By region, Asian sales grew 16 per cent in the quarter, with particular strength in Microelectronics, BioPharmaceuticals and the General Industrial segments. European sales were down 7.5 per cent.
