CLEVELAND—Parker Hannifin Corp. has reported improved third-quarter results, and once again has revised its guidance for full-year earnings from operations, this time upward.
Directors of Parker also have raised the company's quarterly dividend 5 percent.
The producer of motion and control technologies said its net income in the quarter that ended March 31 was up 11 percent, to $312.7 million from $281.6 million in the third quarter of fiscal 2011.
Diluted per-share profits at Parker climbed even more, increasing 20 percent to $2.01 from $1.68, because of a 7 percent decrease in shares outstanding this year.
Sales at Parker rose 4.7 percent, to $3.39 billion from $3.24 billion.
“This quarter's results benefitted, in part, from the favorable resolution of prior-year tax filings; however, all-time record quarterly earnings were largely achieved as a result of strong operating performance in North America," Parker chairman, president and CEO Don Washkewicz said.
Parker also raised its guidance for earnings from continuing operations for all of fiscal 2012 to a range of $7.30 to $7.50 per diluted share.
Parker in mid-January had lowered its guidance for earnings from continuing operations to a range of $6.90 to $7.30 per diluted share. Last Oct. 18, Parker had raised its guidance to a range of $7.25 to $7.85.
The high end of the latest guidance is in line with Parker's forecast last August of earnings from continuing operations in the range of $6.70 to $7.50.
Separately, Parker announced that its directors had raised the company's quarterly dividend by two cents a share, to 41 cents. The increased dividend is payable June 1 to stockholders of record May 10.