Parker-Hannifin beats by $0.06, reports revs in-line; raises guidance for FY16 EPS, above consensus
- Reports Q3 (Mar) earnings of $1.51 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus of $1.45; revenues fell 10.5% year/year to $2.83 bln vs the $2.82 bln Capital IQ Consensus.
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Diversified Industrial Segment: North American Q3 sales decreased 13% to $1.25 bln and operating income was $202.2 mln, compared with $235.5 mln in the same period a year ago
- International third quarter sales decreased 11% to $1.02 bln and operating income was $105.2 mln, compared with $139.5 mln in the same period a year ago.
- Aerospace Systems Segment: Q3 sales decreased 2% to $561.0 mln and operating income was $84.2 mln, compared with $73.3 mln in the same period a year ago
- Parker reported a decrease of 6% in orders for the quarter ending March 31, 2016, compared with the same quarter a year ago
- Co raises guidance for FY16, sees EPS of $6.20-6.40, excluding non-recurring items, vs. $6.15 Capital IQ Consensus Estimate, up from $5.90-6.30, ex-items