Join        Login             Stock Quote

Parker Hannifin (PH) Q2 Profit, Sales Top Street View, Shares Up

 January 18, 2013 08:34 AM

(By Mani) Parker Hannifin Corp. (NYSE: PH) reported better-than-expected results for the second quarter, though profit for the diversified manufacturer of motion and control technologies fell 25 percent from last year on lower organic sales and orders.

Shares of Cleveland, Ohio-based Parker Hannifin were up $2.07, or 2 percent, in the pre-market hours to $93.45. They closed Thursday's regular trading session at $91.36 on the NYSE.

Net income was $181.1 million, or $1.19 a share, compared with $242.3 million, or $1.56 a share, in the second quarter of fiscal 2012.

Quarterly sales fell 1 percent to $3.07 billion. Acquisitions contributed 4 percent to sales which was largely offset by a reduction in organic sales, particularly internationally.

Wall Street expected earnings of $1.11 a share on revenue of $2.93 billion, according to analysts polled by Thomson Reuters.

In Industrial North America, second quarter sales increased 1.2 percent to $1.2 billion, while sales decreased 4.1 percent at International unit to $1.17 billion

In Aerospace, second quarter sales increased 6.5 percent to $528.7 million, while sales at Climate and Industrial Controls fell 18.3 percent to $170.2 million.

Parker Hannifin reported a decrease of 2 percent in orders for the quarter ending De. 31, 2012, with the most decline in Aerospace unit followed by Industrial North America and International units.

Cash flow from operations for the first six months of fiscal 2013 was $347.3 million, or 5.5 percent of sales, compared with $563.4 million, or 8.9 percent of sales for the first six months of fiscal 2012.

For the fiscal year ending June 30, 2013, the company still sees earnings from continuing operations in the range of $6.15 to $6.75 a share. Street expects earnings of $6.40 a share.

The company said its second half of the fiscal year would be stronger than the first half due to the natural, annual cycle of its business.

Fiscal 2013 outlook includes an expected year-over-year increase in domestic qualified pension expense of about 35 cents a share due to accounting regulations which require the use of a lower discount rate based on current market conditions.



Post Comment -- Login is required to post message
Alert for new comments:
Your email:
Your Website:

rss feed

Latest Stories

article imageAutomating Ourselves To Unemployment

In this current era of central planning, malincentives abound. We raced to frack as fast we could for the read on...

article imageFed: Waiting For June… Or Godot?

The Federal Reserve left interest rates unchanged yesterday, as widely expected. But the possibility of a read on...

article imageThe Single Best Place To Invest Your Money For Retirement

It was never supposed to be this daunting. At least that's what we were read on...

article imageNegative Blowback From Negative Interest Rates

The Federal Reserve is widely expected to leave interest rates unchanged today. But perhaps standing pat read on...

Popular Articles

Daily Sector Scan
Partner Center

Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.