UPDATE 4-Parker Hannifin 3rd-qtr profit tops forecast
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NEW YORK, April 22 (Reuters) - Diversified manufacturer Parker Hannifin Corp (PH.N) reported a better-than-expected 22 percent increase in quarterly profit on Tuesday, citing strength in its biggest segment, international industrial, and raised its full-year forecast.
"Expect the stock to perform well on the strength of international operations," Bear Stearns analyst Ann Duignan said in a research note.
Parker shares gained $4.29, or 5.6 percent, to $81.26 in early trading on the New York Stock Exchange, reaching their best level since December.
Net profit was $255.4 million, or $1.49 per share, in the third quarter ended March 31, compared with $209.3 million, or $1.19 per share, a year earlier.
Analysts on average had expected a profit of $1.34 per share, according to Reuters Estimates.
Sales rose 14.4 percent to $3.2 billion compared with Wall Street forecasts for sales of just under $3 billion. Parker's industrial international segment reported the biggest sales increase -- 32 percent -- and the segment's operating profit jumped 55 percent.
That segment's orders were also up by double digits, as were orders in Parker's aerospace division. North American industrial orders were up 2 percent, while orders for climate and industrial controls were down slightly, reflecting weak housing, trucking and auto markets.
"Many of our key markets, including aerospace, continue to grow," Chief Executive Officer Don Washkewicz said in a statement. "For other markets, especially those in North America, which have been in recession, we are positioned to benefit when they return to more normal growth levels."
Cleveland-based Parker, a maker of fluid and motion control systems used in manufacturing and transportation, said it expects full-year earnings per share of $5.40 to $5.60.
In January it had forecast earnings per share of $5.15 to $5.40. Analysts are expecting $5.28 per share this year. (Reporting by Nick Zieminski; Editing by Mark Porter and Derek Caney)
