PORT WASHINGTON, N.Y. (AP) -- Filtration equipment provider Pall Corp. said Thursday that its net income fell 7 percent in the fiscal third quarter and lowered its earnings outlook for the year.
The company said it had tried to improve operations and cut costs "in the face of continued economic challenges."
Pall earned $73.1 million, or 64 cents per share, over the three months ended April 30. That's down from $78.9 million, or 67 cents per share, in the same months a year ago.
Excluding one-time items such as employee severance, income from continuing operations grew to 74 cents per share from 61 cents per share. Analysts were expecting adjusted income of 73 cents per share, according to FactSet.
Revenue fell 3 percent, to $641.2 million from $658 million. Wall Street was expecting sales to grow, to $663.5 million. Sales fell in the company's industrial business, with weaker demand from data-storage customers and in Europe and Asia. Sales rose in its life science unit.
For the fiscal year, which runs through July, Pall now expects net income of $2.95 to $3.05 per share, down from a previous forecast of $2.95 to $3.15 per share. Analysts were predicting profit of $3.07 per share.
Shares of Pall Corp. gained 78 cents to $71.85 Thursday and were unchanged in aftermarket trading.