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CLEVELAND (AP) — Parker Hannifin Corp. on Thursday reported fiscal first-quarter net income of $698.4 million.
The Cleveland-based maker of motion and control products said it had net income of $5.34 per share. Earnings, adjusted for one-time gains and costs, came to $6.20 per share.
The results exceeded Wall Street expectations — the average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $6.13 per share — but the company posted revenue of $4.9 billion in the period, which fell short of Street forecasts. Six analysts surveyed by Zacks expected $4.91 billion.
Parker Hannifin expects full-year earnings in the range of $26.35 to $27.05 per share.
