Parker Hannifin Corp. (PH: Quote) posted third-quarter profit of $312.07 million or $2.01 per share, higher than $279.59 million or $1.68 per share last year.
On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $1.71 per share. Analysts' estimates typically exclude special items.
Net sales grew to $3.39 billion from $3.24 billion a year ago. Analysts estimated revenues of $3.28 billion.
"This quarter's results benefitted, in part, from the favorable resolution of prior year tax filings, however, all-time record quarterly earnings were largely achieved as a result of strong operating performance in North America," said Chairman, CEO and President, Don Washkewicz. "Our organic sales growth was 6 percent, led by a double-digit increase in the North America Industrial segment, while currency translation negatively affected sales by 1 percent.."
For fiscal 2012, the company has increased its guidance for earnings from continuing operations to the range of $7.30 to $7.50 per share from the range of $6.90 to $7.30 per share. Analysts expect the company to earn $7.08 per share.
Washkewicz added, "Reflecting our strong outperformance relative to guidance, Parker is increasing our earnings outlook for the year. The Company remains on pace to deliver an all-time record year in fiscal 2012."
by RTT Staff Writer
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