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
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
"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
Sales grew 8.4 percent to $3.1 billion, driven by double-digit
revenue growth at its Industrial North America business segment, the
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.