UPDATE 2-Parker profit tops view but forecast disappoints

NEW YORK, July 31 (Reuters) - Diversified manufacturer Parker Hannifin Corp (PH.N) reported higher quarterly profit Thursday on strong international industrial demand, but a disappointing forecast sent its shares down 5 percent in premarket trading.

"Estimates will need to be revised downward, which is likely to put pressure on the stock," JP Morgan analyst Ann Duignan said in a note to clients ahead of Parker's conference call.

Net earnings rose to $252.6 million, or $1.47 per share, in the company's fiscal fourth quarter ended June 30, from $217.2 million, or $1.23 per share, a year earlier.

Excluding a one-time charge, earnings were $1.55 per share, 5 cents ahead of analysts' average forecast, according to Reuters Estimates.

Sales rose 16.4 percent to $3.35 billion, which was ahead of an average estimate of $3.23 billion.

Cleveland-based Parker said it expects fiscal 2009 earnings from continuing operations of $5.65 to $6.05 per share, below the average analyst forecast of $6.07.

While the forecast was below Wall Street's view, Parker said the 2009 results would still mark a record year. It earned $5.53 per share in fiscal 2008.

Because its fiscal year ends in June, Parker is typically one of the first large industrial companies whose forecast covers part of the 2009 calendar year.

Parker shares were at $64.50 in premarket trading, down from a Wednesday close of $68.04 on the New York Stock Exchange. (Reporting by Nick Zieminski; Editing by Gerald E. McCormick and John Wallace)