UPDATE 2-Parker profit beats forecast, raises outlook

* Q1 shr $1.51 vs. $1.07 expected

* Q1 rev up 27 pct to $2.8 bln

* Sees FY 2011 $5.20 to $5.80

* Shares up 8 pct (Adds details on segment performance, outlook)

NEW YORK, Oct 19 (Reuters) - Industrial control systems maker Parker Hannifin Corp (PH.N) said its fiscal first-quarter earnings tripled and it raised its full-year profit forecast, citing improving demand across its markets and record profit margins.

The maker of motion control technology for manufacturing and aerospace, whose shares rose 8 percent in premarket trading, posted net earnings of $249 million, or $1.51 per share, compared with $74 million, or 45 cents per share a year earlier.

Analysts, on average, expected a profit of $1.07 per share, according to Thomson Reuters I/B/E/S. Revenue jumped 27 percent to $2.8 billion, compared with Wall Street forecasts for sales of $2.64 billion.

Parker's two industrials segments reported the strongest sales gains and the biggest increases in orders, as well as sharply higher operating income that partly reflects cost cuts introduced during the recession. The Cleveland-based company said orders jumped in every segment.

The aerospace segment showed gains in sales and orders but its operating profit was down.

Parker expects fiscal-year earnings of $5.20 to $5.80 per share up from $3.60 to $4.40 per share; analysts were at $4.53 a share.

The company said it had the cash to invest in research, international expansion, and for acquisitions. (Reporting by Nick Zieminski, editing by Maureen Bavdek and Derek Caney)