Motion Control Resources
Parker Hannifin 4Q Profit Rises 32 Percent
CLEVELAND — Parker Hannifin Corp., which makes motion control products, said Tuesday that its fiscal fourth-quarter earnings rose 32 percent led by better international industrial unit sales.
The results just missed Wall Street's expectations. Parker also offered a 2012 outlook that fell short analysts' views. Shares lost $5.73, or 7.4 percent, at $71.73 in morning trading.
The Cleveland company earned $292.2 million, or $1.79 per share, compared with year-ago results of $222.2 million, or $1.35 per share.
Revenue rose 22 percent to $3.41 billion from $2.79 billion in the same quarter of 2010.
Analysts polled by FactSet expected profit of $1.80 per share on revenue of $3.34 billion.
Sales improved the most — 34 percent — in Parker's industrial segment overseas. The company's aerospace segment sales showed the slowest growth at 9.3 percent.
For all of fiscal 2011, the company earned $1.05 billion, or $6.37 per share, up from $554.1 million, or $3.40 per share, in 2010.
Revenue rose to $12.35 billion from $9.99 billion for the previous year.
For fiscal 2012, Parker Hannifin forecast earnings from continuing operations of $6.70 to $7.50 per share. Analysts expected $7.51.