) reported its first-quarter fiscal 2013 earnings results before
the market opened today. Earnings per share were $1.57 in the
reported quarter, below the Zacks Consensus Estimate of $1.73.
Earnings for the quarter declined by 34 cents year over year.
Total revenue was $3.21 billion, down from $3.23 billion in
the prior-year quarter. Weak international market and not very
good returns from the American market affected revenue in the
The company reported a revenue increase in three of its four
Industrial North America
segmentsalesclimbed 5.1% year over year to $1.27 billion.
segment sales were down by 8.7% to $1.18 billion.
revenue was $541.1 million for the quarter, up 8.8% year over
Climate and Industrial Controls
segment decreased by 4.8% to $230.9 million.
Income & Expenses
Net income was $239.7 million compared with $297.0 million in
the prior-year quarter. Selling, general and administrative
expenses were $381.1 million compared with $386.5 million.
Cash and cash equivalents were $436.1 million with long-term
debt of $1.5 billion and share owners' equity of $5.1
The company revised its guidance for earnings from continuing
operations to the range of $6.15 to $6.75 per diluted share, down
from the prior guidance of $7.10 to $7.90 per diluted share.
Parker-Hannifin Corporation is a leading worldwide full-line
diversified manufacturer of motion and control technologies and
systems, including fluid power systems, electromechanical
controls and related components. In addition to motion and
The company is also a leading worldwide producer of fluid
purification, fluid and fuel control, process instrumentation,
air conditioning, refrigeration, electromagnetic shielding and
thermal management products and systems. The major competitors of
Emerson Electric Co.
Honeywell International Inc.
We continue to maintain a Neutral rating on Parker-Hannifin
for the long term. The company has a Zacks #3 Rank (Hold
recommendation) over the next one-to-three months.
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