CLEVELAND (AP) — CLEVELAND (AP) — Parker-Hannifin Corp. (PH) on Thursday reported fiscal first-quarter profit of $808 million.
The Cleveland-based company said it had net income of $6.29 per share. Earnings, adjusted for one-time gains and costs, were $7.22 per share.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $6.67 per share.
The maker of motion and control products posted revenue of $5.08 billion in the period, also exceeding Street forecasts. Six analysts surveyed by Zacks expected $4.94 billion.
Parker-Hannifin expects full-year earnings in the range of $29.60 to $30.40 per share.
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, source Associated Press News
Parker-Hannifin Corporation specializes in designing, manufacturing, and selling monitoring and control systems. Net sales break down by family of products as follows:
- industrial systems (68.8%): industrial pipes, pipe connectors and adapters, oil filters, air filters, motors, hydraulic pumps and valves, pneumatic accessories, diagnostic equipment, climate control and monitoring systems (carbonic gas control systems, electronic controllers, pressure regulators, electromagnetic valves, thermostatic pressure relief valves), etc. North America accounts for 59.5% of net sales;
- aerospace systems and components (31.2%): flight control systems, fluid flow automation and monitoring systems, hydraulic components, brakes, etc. intended for military and commercial aircraft.
Net sales are distributed geographically as follows: North America (67.5%), Europe (19.5%), Asia/Pacific (11.9%) and Latin America (1.1%).
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