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The earnings (and all calculations based on them) are indeed rather lumpy while sales figures were acceptable and that has given me pause as well. To date, the best explanation that I could come up with is that Pall's products and services can be placed into two categories: On-Going and One-Time.

This sounds like a reasonable explanation. If correct, in my view it makes the company not Boring. Your original post described the on-going sales as a competitive advantage as customers find it difficult to change suppliers. If the on-going sales are barely profitable then it probably means that the customers negotiate long term contracts when initially choosing a supplier and that those contracts lock in low prices. Not such a great business.

Bear in mind that my comments are based solely on my understanding of the information that you have posted, so don't listen to me too much!

I promised a few posts back that I would post an analysis of WPL. I since bought some shares at $16.50 and still plan to post my thoughts on it here, but I'm at the end of writing up a thesis at the moment so WPL will have to wait.

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