Parker Hannifin boosts fiscal 2010 outlook

Parker Hannifin raises 2010 profit prediction on signs of economic recovery; shares rise

• On 10:33 am EDT, Tuesday October 20, 2009

CLEVELAND (AP) -- Parker Hannifin Corp. on Tuesday boosted its fiscal-year profit prediction citing signs that the economic downturn may have reached its bottom.

The maker of motion and control technologies said it now expects to post a fiscal 2010 profit from continuing operations of $1.55 to $2.05 per share, up from its previous prediction of between $1.25 and $1.75 per share.

Analysts polled by Thomson Reuters expect a profit of $1.69 per share.

Parker Hannifin said that some of its markets are showing improvements while others are flattening out. While they don't expect significant improvements for the rest of the calendar year, Parker Hannifin officials are "cautiously optimistic" that the company is at the bottom of the cycle.

Also on Tuesday, Parker Hannifin posted fiscal first-quarter results that beat Wall Street predictions.

In morning trading, Parker Hannifin shares rose $1.72, or 3.1 percent, to $56.98.