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Parker-Hannifin: Fiscal 1Q Earnings Snapshot

CLEVELAND (AP) _ Parker-Hannifin Corp. (PH) on Thursday reported fiscal first-quarter net income of $375.7 million.

The Cleveland-based company said it had net income of $2.79 per share. Earnings, adjusted for non-recurring costs, were $2.84 per share.

The results surpassed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $2.51 per share.

The maker of motion and control products posted revenue of $3.48 billion in the period, which fell short of Street forecasts. Seven analysts surveyed by Zacks expected $3.53 billion.

Parker-Hannifin expects full-year earnings in the range of $11.10 to $11.70 per share.

Parker-Hannifin shares have declined 24 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed slightly more than 1 percent. The stock has decreased 17 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PH at https://www.zacks.com/ap/PH