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Pall Corp raises dividend by 19%

Published: 13:46 27 Sep 2012 BST

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Pall Corp. (NYSE:PLL) for the umpteenth time bolstered its quarterly dividend rate by 19 per cent, the company said late Wednesday.

The Port Washington, New York-based company, a maker of everything from air cleaners to centrifugal devices, caters to the aerospace and defence, power generation and graphic arts industries. 

The board upped its dividend to 25 cents per share from 21 cents, with the payout to be distributed to shareholders on November 2. 

The company has increased its dividend nine times since 2004. 

"Pall continues to generate strong cash flow to support our growth plans while also delivering returns to shareholders," chief executive Larry Kingsley said in a statement.  

"The board's decision to increase the quarterly dividend demonstrates our long-term commitment to enhance shareholder value."

Earlier this month, the supplier of filtration and purification technologies' fiscal fourth quarter profit fell 11 per cent due to restructuring charges, which masked gains made in revenue and margins.

But its adjusted profit of 99 cents per share beat Street estimates as revenue grew to $722.3 million from $718.7 million. 

Analysts polled by Bloomberg expected a per share profit of 76 cents, on $719 million in sales during the quarter that ended July 31.

Gross margin widened to 51.5 per cent from 49.1 per cent, thanks to a decline in input costs.

 

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