UPDATE 1-Parker Hannifin profit lifted by U.S. markets
Aug 2 (Reuters) - Parker Hannifin Corp, a maker of hydraulic and motion control systems for manufacturing and transport, reported a higher-than-expected quarterly profit on Thursday, helped by industrial demand in North America.
The company, whose fiscal year just ended, also introduced an initial 2013 forecast with a broad range, whose upper limit includes Wall Street's earnings estimate. Parker is one of the few U.S. manufacturers to offer a peek into next year with its formal profit outlook.
Net earnings rose to $302.0 million, or $1.96 per share, in the fourth quarter ended on June 30, compared with $292.2 million, or $$1.79 per share, a year earlier.
Analysts on average were expecting profit of $1.91 a share, according to Thomson Reuters I/B/E/S.
Sales were flat at $3.41 billion, restrained by the strong dollar, and slightly missed Wall Street estimates of $3.42 billion.
Industrial sales, profits and orders were up in North America and down in other markets.
Cleveland-based Parker said it expected fiscal 2013 earnings of $7.10 to $7.90 per share. Analysts expected $7.89.
Parker's initial yearly forecasts are considered conservative by analysts and typically incorporate a wide range. The company regularly revises estimates.
Parker, which competes with Pall Corp, Eaton Corp and Honeywell International Inc, makes fluid power systems, electromechanical controls and related components for use in manufacturing, transportation and process industries.
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