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UPDATE 2-Parker Hannifin quarterly profit nearly triples
April 20, 2010 / 11:28 AM / 7 years ago

UPDATE 2-Parker Hannifin quarterly profit nearly triples

* Q3 shr $0.94 vs. $0.77 expected

* Q3 sales up 12 pct to $2.6 bln

* Sees 2010 EPS $2.95 to $3.15, stable 2011 environment (Adds details on orders, outlook)

NEW YORK, April 20 (Reuters) - Parker Hannifin Corp (PH.N) reported higher-than-expected profit on Tuesday, helped by demand for its climate and industrial control products and international sales, and the company raised its full-year forecast above Wall Street estimates.

The company also said orders were up 23 percent, providing evidence that the global economic recovery is sustainable.

Net earnings nearly tripled to $154 million, or 94 cents per share, in the third quarter ended on March 31, from $53.4 million, or 33 cents per share, a year earlier.

Analysts on average expected profit of 77 cents per share, according to Thomson Reuters I/B/E/S.

Revenue rose 12 percent to $2.6 billion, above Wall Street forecasts of $2.51 billion. Sales were also up by double-digits from the prior quarter.

Parker said it expected a more stable operating environment next fiscal year, while it raised its estimates for 2010, which has just one quarter remaining.

It expects 2010 earnings of $2.95 to $3.15 per share from continuing operations, compared with the analysts’ average estimate of $2.75. (Reporting by Nick Zieminski; Editing by Lisa Von Ahn)

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