Parker-Hannifin Posts Strong Second Quarter

The company's earnings easily exceeded Wall Street forecasts.

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CLEVELAND (AP) — Parker-Hannifin Corp. on Thursday reported fiscal second-quarter net income of $681.9 million.

The Cleveland-based company said it had net income of $5.23 per share. Earnings, adjusted for one-time gains and costs, were $6.15 per share.

The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $5.24 per share.

The maker of motion and control products posted revenue of $4.82 billion in the period, which missed Street forecasts. Five analysts surveyed by Zacks expected $4.83 billion.

Parker-Hannifin expects full-year earnings in the range of $23.90 to $24.50 per share.

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