Reuters: Global Markets: Parker Hannifin profit, sales miss estimates

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Parker Hannifin profit, sales miss estimates Oct 19th 2012, 12:12 Fri Oct 19, 2012 8:12am EDT (Reuters) - Parker Hannifin Corp (PH.N), which makes control systems for the manufacturing and transport industries, reported lower quarterly earnings on Friday and cut its fiscal-year forecast by a wide margin, citing an uncertain economic outlook. Shares of Parker fell 6.8 percent to $79.25 in premarket trading. Net earnings fell 19 percent to $239.7 million, or $1.57 per share, in the first quarter ended on September 30, from $297.0 million, or $1.91 per share, a year earlier. Analysts on average were expecting earnings of $1.73 a share, according to Thomson Reuters I/B/E/S. Profits were sharply lower in Parker's international industrial segment, and the company called overseas markets weak. Sales fell to $3.21 billion from $3.23 billion, also missing estimates. Cleveland-based Parker said industrial orders were down in the quarter, and it cut its earnings forecast for the rest of the fiscal year. The company now expects a profit of between $6.15 and $6.75 a share from continuing operations, partly because of higher pension expenses. Its previous outlook was $7.10 to $7.90, and analysts were looking for $7.50. (Reporting by Nick Zieminski in New York; Editing by Gerald E. McCormick and Lisa Von Ahn) Link this Share this Digg this Email Reprints

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