NEW YORK (Reuters) - Parker-Hannifin Corp
reported a higher-than-expected quarterly profit Tuesday as
sales to industrial customers rebounded, but issued a 2011
forecast below Wall Street estimates.
Parker, a maker of motion-control technology for
manufacturing and aerospace, said its forecast could be viewed
as conservative, and its shares rose slightly.
"How bullish do you want to get early in this fiscal year?"
Chief Executive Don Washkewicz told analysts on the company's
conference call, adding that the company would update its
forecast throughout the year. "One thing that we try to do here
is, is make sure that no matter what happens, we make our
The company posted net earnings of $222.2 million, or $1.35
per share, for the fiscal fourth quarter ended June 30, up from
$49.5 million, or 31 cents per share, a year earlier.
Analysts, on average, expected $1.08 per share, according
to Thomson Reuters I/B/E/S.
Sales rose 26 percent to $2.79 billion, also ahead of Wall
Because Parker's fiscal year ends in June, it is among the
first of the large U.S. industrials to give a full-year
forecast that includes a large portion of calendar 2011.
Parker said it expected fiscal 2011 earnings from
continuing operations of $3.60 to $4.40 per share, compared
with analysts' average estimate of $4.41.
Parker shares were up 5 cents at $63.90 in morning trading,
after opening down about 2.3 percent.
(Reporting by Nick Zieminski; editing by John Wallace, Dave