Parker Hannifin Q2 Profit Beats Estimates - Quick Facts

(RTTNews) - Parker Hannifin Corp. (PH) reported that its second-quarter net income to shareholders increased to $253.3 million, or $1.66 per share, from $181.0 million or $1.19 per share, prior year. Adjusted net income for the second quarter was $189.9 million, or $1.24 per share.

On average, 17 analysts polled by Thomson Reuters expected the company to report profit per share of $1.23 for the quarter. Analysts' estimates typically exclude special items.

Second-quarter sales increased 1.3 percent to $3.11 billion, compared to $3.07 billion, prior year. Organic growth was 3.1 percent, which excludes an increase of 0.3 percent from acquisitions, a decrease of 0.7 percent from foreign currency translation, and a decrease of 1.4 percent from a joint venture agreement with GE Aviation. Analysts expected revenue of $3.15 billion for the quarter.

For the fiscal year ending June 30, 2014, the company has provided guidance for adjusted earnings per share in the range of $6.20 to $6.60. Analysts expect the company to report fiscal year earnings per share of $6.57.