Tuesday, Parker Hannifin Corp. (PH) reported second-quarter net income of $104.6 million or $0.64 per share, compared to $155.4 million or $0.96 per share in the same quarter last year.
On average, 15 analysts polled by Thomson Reuters expected the company to earn $0.36 per share for the quarter. Analysts' estimates typically exclude special items.
Sales for the quarter were $2.4 billion, down 12.4% from $2.7 billion in the comparable quarter last year. Analysts expected the company to report revenue of $2.25 billion for the quarter.
Looking ahead to the fiscal year 2010, the company raised its guidance for earnings from continuing operations to a range of $2.40 - $2.80 per share. Analysts currently anticipate the company to earn $2.02 per share.
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