Motion and control technologies producer Parker-Hannifin
) said Tuesday that its first quarter earnings rose 12% from last
year, beating Wall Street's view, and lifted both its full-year
outlook and its quarterly dividend payout.
The Cleveland-based company reported first quarter net income of
$312.1 million, or $2.01 per share, compared with $279.6 million,
or $1.68 per share, in the year-ago period.
Revenue rose 5% from last year to $3.39 billion.
On average, Wall Street analysts expected a much smaller profit
of $1.71 per share, on lower revenue of $3.27 billion.
Looking ahead, PH boosted its full-year earnings outlook to a
range of $7.30 to $7.50 per share, up from a prior forecast of
$6.90 to $7.30. Analysts currently expect $6.37 per share for the
In a separate announcement, the company raised its quarterly
dividend payout by 5.1% to 41 cents per share (up from 39 cents).
The new dividend will be paid on June 1, 2012, to shareholders of
record as of May 10.
Parker-Hannifin shares rose $2.37, or +2.9%, in premarket
The Bottom Line
Shares of Parker-Hannifin (
) will now have a 2.03% dividend yield, based on the higher
dividend payout and last night's closing stock price of $80.94. The
stock has technical support in the $75 price area. If the shares
can firm up, we see overhead resistance around the $85-$91 price
Parker-Hannifin Corporation (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.2 out of 5 stars.
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