Parker Hannifin quarterly profit, sales top forecasts
NEW YORK, April 24
NEW YORK, April 24 (Reuters) - Parker Hannifin Corp, a maker of control systems for manufacturing and transport, reported higher-than-expected quarterly earnings on Tuesday, raised its 2012 forecast and said North American demand was driving results.
Net earnings rose to $312.1 million, or $2.01 per share, in the fiscal third quarter that ended March 31, from $279.6 million, or $1.68 per share, a year ago.
The results beat analyst estimates of $1.71 a share, according to Thomson Reuters I/B/E/S.
Sales rose 5 percent to $3.39 billion, also ahead of average Wall Street estimates. North American industrial sales, profits and orders were all up, while international industrial sales, profits and orders were down.