Parker Hannifin Q3 Profit Down; Lifts 2014 Adj. EPS View - Quick Facts

(RTTNews) - Motion and control technologies provider Parker Hannifin Corp. (PH) said that its net income attributable to common shareholders for third quarter of fiscal 2014 dropped to $242.5 million or $1.60 per share from $256.6 million or $1.68 per share in the prior year quarter.

Adjusted earnings for the latest-quarter were $285.0 million or $1.88 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $1.62 per share for the quarter Analysts' estimates typically exclude special items.

Quarterly sales increased 2 percent to $3.36 billion from $3.31 billion in the same quarter a year ago. Adjusting for a previously announced joint venture, fiscal 2014 third quarter sales increased 3 percent. Wall Street expected revenues of $3.40 billion.

For the fiscal year ending June 30, 2014, the company now expects adjusted earnings per share to be in the range of $6.40 to $6.60. The company said in January that it expected adjusted earnings to be in the range of $6.20 to $6.60 per share for fiscal 2014. Analysts project annual earnings per share of $6.48.

Fiscal 2014 adjusted earnings guidance includes increased restructuring expenses which are anticipated to be approximately $0.55 per diluted share, but does not include the gain associated with the previously announced joint venture and asset write downs recorded in the quarter ended December 31, 2013. Restructuring expenses were $0.28 per share in the third quarter of fiscal 2014 and $0.40 per share fiscal year-to-date.

The company said it has increased the midpoint of its guidance for fiscal year 2014 to reflect the impact of improved operating margins and positive order trends. Considering the progress it has made, it expects to close the year strong and be well positioned going into fiscal year 2015.