Parker Hannifin Q1 Profit Rises; Lifts Full Year Guidance - Quick Facts

(RTTNews) - Parker Hannifin Corp. (PH) reported first-quarter net income to shareholders of $244.32 million or $1.61 per share, compared to $239.74 million or $1.57 per share, last year. Fiscal 2014 first-quarter earnings included $0.06 per share in expenses associated with its restructuring initiatives.

On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $1.48 for the quarter. Analysts' estimates typically exclude special items.

Revenue increased to $3.23 billion, from $3.21 billion, a year ago. Analysts expected revenue of $3.26 billion for the quarter.

For the fiscal year ending June 30, 2014, the company has increased guidance for earnings from continuing operations to the range of $7.78 to $8.38 per share. Fiscal 2014 guidance includes expenses of $100 million or $0.47 per share associated with its previously announced restructuring and an expected gain of $1.68 per share associated with a joint venture agreement between Parker Aerospace and GE Aviation to be recorded in the quarter ending December 31, 2013. Analysts expect the company to report fiscal year profit per share of $6.53.