Pall Corporation (PLL) reported first quarter 2010 earnings per share of 40 cents, matching the Zacks Consensus Estimate. Net earnings were $67.0 million, compared to $43.1 million in the first quarter of fiscal year 2009.

First quarter sales were $546.9 million, a decrease of 5.4% compared to the first quarter of fiscal year 2009. Medical sales increased 2.6% in the quarter, with Blood Filtration submarkets growing 4%. Pall-AquasafeTM water filter sales were strong. Bio Pharmaceuticals sales increased 10.3% in the quarter with growth in all geographies.

Sales within Pharmaceutical submarkets increased 9.8% with strong consumables growth in all geographies. Vaccine production remains high.

Energy, Water & Process Technologies (EWPT) sales decreased 12.3% in the quarter. Fuels and Chemicals and Power Generation submarkets were flat and sales to Municipal Water, Food & Beverage and Industrial Manufacturing submarkets were down.

Aerospace & Transportation declined 21.6% in the quarter. Commercial Aerospace submarkets declined 8.5% reflecting a reduction in flights and production of airframes, particularly for private jets.

Microelectronics sales decreased 19.2% over the prior year, but held steady sequentially over an improved fourth quarter.

Overall, gross margin in the quarter improved 110 basis points over last year. SG&A decreased over $5 million, or 3%, in LC. Both these improvements also reflect ongoing cost reduction and efficiency initiatives. Cash flow from operations was $73 million in the quarter, an increase of 44% over last year.

Pall Corporation is a filtration, separation and purification leader providing Total Fluid ManagementSM solutions to meet the critical needs of customers in biopharmaceutical, hospital and transfusion medicine, energy and alternative energy, electronics, municipal and industrial water, aerospace, transportation and broad industrial markets.

We currently have a Neutral recommendation for PLL.

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