Parker Hannifin reduces near-term earnings outlook

CLEVELAND (March 20)—Parker Hannifin Corp. revised its earnings expectations for the company's fiscal third quarter because of lingering effects of a widespread industrial recession, according to a company statement. Earnings expectations are now projected to be between 43 and 53 cents per diluted share, excluding realignment items. In January, the company had projected third-quarter earnings between 55 and 65 cents, with full-year earnings estimated to range from $2.10 to $2.30 per share, both excluding realignment items. Parker Hannifin didn't issue a revised projection for the full year, given that current economic uncertainties cloud any projection of performance three months from now, the firm said. Parker CEO Don Washkewicz said the company doesn't feel comfortable trying to project earnings with such limited visibility of either industrial or aerospace activity because of the effects of a potential conflict.