Parker Hannifin Corp. (NYSE: PH) announced Tuesday that it raised its outlook for the fiscal year after reporting that third-quarter profits nearly tripled, according to Associated Press.
The company earned $153.9 million, or 94 cents per share, compared with $53.4 million, or 33 cents per share a year ago.
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Revenue rose 12 percent to $2.61 billion from $2.34 billion a year earlier. Profits easily topped Wall Street expectations.
The company posted better sales in its industrial segments both in the U.S. and abroad, as well as in its climate and industrial controls segment. However, sales fell 6.4 percent in its aerospace unit due to lower commercial maintenance and repair sales, and general weakness in aviation.
For the full fiscal year, the company now expects earnings from continuing operations between $2.95 per share and $3.15 per share, saying it sees a more stable economic environment. Its previous prediction was in a range from $2.40 to $2.80 per share.
Analysts had expected a profit of $2.75 per share.
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