UPDATE 1-Parker Hannifin profit, sales miss estimates

* Third-quarter earnings per share of $1.57 below Wall St view

* Sales of $3.21 billion slightly below forecasts

* Cuts full-year profit outlook

* Shares down 6.8 percent

Oct 19 (Reuters) - Parker Hannifin Corp, which makes control systems for the manufacturing and transport industries, reported lower quarterly earnings on Friday and cut its fiscal-year forecast by a wide margin, citing an uncertain economic outlook.

Shares of Parker fell 6.8 percent to $79.25 in premarket trading.

Net earnings fell 19 percent to $239.7 million, or $1.57 per share, in the first quarter ended on Sept. 30, from $297.0 million, or $1.91 per share, a year earlier.

Analysts on average were expecting earnings of $1.73 a share, according to Thomson Reuters I/B/E/S. Profits were sharply lower in Parker's international industrial segment, and the company called overseas markets weak.

Sales fell to $3.21 billion from $3.23 billion, also missing estimates.

Cleveland-based Parker said industrial orders were down in the quarter, and it cut its earnings forecast for the rest of the fiscal year.

The company now expects a profit of between $6.15 and $6.75 a share from continuing operations, partly because of higher pension expenses. Its previous outlook was $7.10 to $7.90, and analysts were looking for $7.50.