Parker Hannifin Corp. (NYSE:PH) revised downwards its full-year
earnings view, citing softening in business conditions internationally.
The maker of motion and control products also posted quarterly profit
below consensus.
Following the announcement, the stock dropped 4.1 percent to $81.47 in premarket trading on Friday.
For the full year, the company now expects earnings per share from
continuing operations in the range of $6.90 to $7.30 from prior
expectations of $7.25 to $7.85. Analysts expect earnings of $7.43 per
share.
"Internationally, we are seeing some softening in business conditions
consistent with global macro-economic indicators, which moderated our
year over year revenue growth and affected segment operating margin
performance," said chief executive Don Washkewicz.
For the second quarter, earnings increased to $242.3 million or $1.56
per share from $231.8 million or $1.39 per share in the year-ago
quarter.
Sales grew 8.4 percent to $3.1 billion, driven by double-digit
revenue growth at its Industrial North America business segment, the
company said.
Wall Street analysts expected earnings of $1.62 per share on revenue of $3.09 billion.
PH ended Thursday's regular trading session at $84.97. The stock has
been trading in the 52-week range between $59.26 and $99.40.
