Looking at the results of companies in the broadly-defined filtration business, for example companies like Donaldson (NYSE:DCI) and Clarcor (NYSE:CLC), it may be tempting to decide that the run in industrial filtration is over and it is time to move on to other ideas. In the case of Pall (NYSE:PLL), though, that may not be the wisest long-term move. While Pall is certainly not performing at peak potential, the opportunities that seem to be left in the company and stock make it a worthy consideration for a long-term investor.
A Tough End to the Year
Pall pre-announced a disappointing fourth quarter result, so the market has already had a chance to digest the news and punish the stock accordingly. Pall reported that revenue rose 15% on a reported basis, with constant currency sales growth of about 6%. Growth was led by the life sciences business, with 8% constant currency growth. This segment is slightly more than half of the company's total sales. On the industrial side, growth was a more modest 5% (again on a constant currency basis).
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