Parker Hannifin Corp. (PH) Tops Q3 EPS by 23c; Lifts FY Outlook

Parker Hannifin Corp. (NYSE: PH) reported Q3 EPS of $1.88, $0.23 better than the analyst estimate of $1.65. Revenue for the quarter came in at $3.36 billion versus the consensus estimate of $3.4 billion.

"We are pleased to have delivered strong operating margins in the third quarter, particularly in our Diversified Industrial International businesses," said Chairman, CEO and President, Don Washkewicz. "Our previously announced restructuring initiatives are proceeding ahead of plan, with $86 million in pretax expenses incurred fiscal year-to-date. In addition, the improved order growth trend is an encouraging sign for the remainder of this fiscal year."

Parker Hannifin Corp. sees FY2014 EPS of $6.40-$6.60, versus the consensus of $6.48. Washkewicz added, "We have increased the midpoint of our guidance for fiscal year 2014 to reflect the impact of improved operating margins and positive order trends. Considering the progress we have made, we expect to close the year strong and be well positioned going into fiscal year 2015.

For earnings history and earnings-related data on Parker Hannifin Corp. (PH) click here.

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