UPDATE: Parker Hannifin Posts Upbeat Q2 Results, Lifts Profit Guidance

Parker Hannifin Corp. (NYSE: PH) reported better-than-expected earnings for the fiscal second quarter and lifted its profit outlook for the year.Parker Hannifin now expects full-year earnings of $7.90 to $8.30 per share, versus its earlier forecast of $7.20 to $7.80 per share.The Cleveland, Ohio-based company posted quarterly earnings of $267.3 million, or $1.80 per share, compared to $253.4 million, or $1.66 per share, in the year-ago quarter. Excluding certain items, the company earned $1.84 per share.Its revenue gained to $3.13 billion from $3.11 billion. However, analysts were expecting earnings of $1.55 per share on revenue of $3.14 billion.Parker Hannifin's North American sales in diversified industrial unit rose 5% to $1.4 billion, while international sales slipped 7% to $1.2 billion. Sales in the aerospace systems segment climbed 11% to $558.4 million.Cash flow from operations slipped to $538.5 million from $540.1 million.During the quarter, Parker Hannifin completed share repurchases of $817 million."This was a record quarter for Parker as we continue to execute very well in fiscal 2015," said Chairman, CEO and President, Don Washkewicz. "While currency headwinds were significant, this was offset by solid organic growth of 4%.”Parker Hannifin shares rose 0.60% to $123.50 in pre-market trading.