Parker earnings revision reflect slowed economy

CLEVELAND, Ohio (March 20)—Parker Hannifin Corp. has revised earnings projections for the fiscal third quarter ending March 30 as well as for the entire year. The company said it expects quarterly earnings to range from 70 cents to 80 cents per diluted share without extraordinary items, including a 3-cent-per-share charge for early debt retirement completed in February. For the fiscal year ending June 30, Parker expects financial results ranging from $3 to $3.25 per diluted share excluding extraordinary items. The revisions reflect drops in the North American industrial market, but strong demand in the firm´s aerospace segment and growth in its international-industrial markets should partially offset the North American recession, according to Parker.