CLEVELAND (June 15)—Parker Hannifin Corp. has raised earnings estimates for the fiscal fourth quarter and full year ending June 30, the company announced June 14.
With quarterly earnings previously forecast to range from 70 to 80 cents per diluted share, the Cleveland-based company now expects to earn between 85 and 95 cents per diluted share in the quarter, which would revise the full-year range to $2.70 to $2.80 per diluted share.
Parker said recent orders continued to exceed expectations, driving sales and profits higher, with substantially lower operating costs and robust shipments.
Don Washkewicz, Parker president and CEO, said if demand continues at the current pace, he expects an upbeat 2005. He said the company will provide a full-year outlook when it reports fourth quarter results July 29.