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Parker-Hannifin: Fiscal 3Q Earnings Snapshot

CLEVELAND (AP) _ Parker-Hannifin Corp. (PH) on Thursday reported fiscal third-quarter earnings of $366 million.

The Cleveland-based company said it had profit of $2.70 per share. Earnings, adjusted for non-recurring costs, came to $2.80 per share.

The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $2.62 per share.

The maker of motion and control products posted revenue of $3.75 billion in the period, also exceeding Street forecasts. Six analysts surveyed by Zacks expected $3.69 billion.

Parker-Hannifin expects full-year earnings in the range of $9.95 to $10.15 per share.

Parker-Hannifin shares have declined 16 percent since the beginning of the year, while the Standard & Poor's 500 index has dropped slightly more than 1 percent. The stock has increased nearly 2 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