Parker Hannifin Q2 Profit, Revenue Rise; Ups Full Year Earnings View

(RTTNews) - Fluid power systems manufacturer Parker Hannifin Corp. (PH) Tuesday said second-quarter net income rose to $267.3 million from $253.4 million in the previous year. Earnings per share advanced to $1.80 from $1.66 last year.

Adjusted earnings totaled $1.84, while it was $1.30 in the prior year. On average, 16 analysts polled by Thomson Reuters expected earnings of $1.24 per share. Analysts' estimates typically exclude special items.

Sales grew to $3.13 billion from $3.11 billion in the previous year. Wall Street expected revenues of $3.14 billion.

The company reported an increase of 4 percent in orders for the quarter ending December 31, 2014.

For the fiscal year ending June 30, 2015, the company has increased guidance for earnings from continuing operations to the range of $7.70 to $8.10 per share, or $7.90 to $8.30 per share on an adjusted basis. Analysts look for earnings of $7.90 per share.

Fiscal year 2015 guidance is adjusted for expected restructuring expenses of approximately $0.20 per share. In November 2014, the firm forecast earnings per share from continuing operations in a range of $7.20 to $7.80 per share, or $7.45 to $8.05 per share on an adjusted basis.

Chairman, CEO and President, Don Washkewicz said, "We are increasing our fiscal 2015 full year guidance to primarily reflect strong first half performance and the impact of our share repurchase program. We expect currency headwinds into the future. Despite these conditions, Parker remains on track to deliver a record year."