29 Mar 2005
Cleveland, Ohio--Parker Hannifin Corp. revised its third-quarter earnings forecast downward to $1.05 to $1.15 per diluted share from the previous outlook of $1.10 to $1.30 per diluted share.
It also revised full-year earnings estimates to fall between $4.60 and $4.80 per diluted share, which includes 47 cents per share from discontinued operations.
The company cited a greater-than-anticipated softening of the automotive market, slowdowns in mobile markets in its International Industrial segment, and ongoing inventory reductions as reasons for the revised earnings forecast. Chairman and CEO Don Washkewicz said despite the challenges the firm still expects to achieve its first $8 billion year in revenues and increase reported earnings from continuing operations about 50 percent.
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