Parker Hannifin Corp. (PH) reported a third quarter profit of $2.01 per share Tuesday morning, up from $1.68 per share in the prior year period. The consensus estimate was for EPS of $1.71. The company also increased its full year 2012 guidance for earnings from continuing operations to between $7.30 and $7.50 per share from prior guidance of $6.90 to $7.30 per share.
Parker Hannifin gapped up sharply Tuesday and rose steadily until mid-morning. The stock took out the session highs around mid-afternoon and closed up by 7.02 at $87.96, with volume at over an 8-month high. Parker Hannifin surged to a one-month high and re-crossed its 50-day moving average.
by RTT Staff Writer
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