UPDATE: Parker Hannifin Posts Downbeat FQ4 Earnings, Issues Weak FY15 Outlook

Parker Hannifin PH reported weaker-than-expected fiscal fourth-quarter earnings. For FY15, Parker Hannifin projects earnings of $7.25 to $8.05 per share, versus analysts' estimates of $8.12 per share. The Cleveland, Ohio-based company posted quarterly earnings of $301.2 million, or $1.98 per share, compared to $271.1 million, or $1.78 per share, in the year-ago period. Excluding certain items, it earned $2.06 per share in the quarter, missing analysts' expectations of $2.07 per share. Its revenue rose 3% to $3.53 billion, versus estimates of $3.57 billion. Parker Hannifin posted a rise of 4% in orders for the quarter. For diversified industrial segment, international sales climbed 3.1% to $1.38 billion, while North American quarterly sales surged 4% to $1.53 billion. In aerospace systems segment, sales were essentially flat at $617.6 million in the quarter. "Fiscal 2014 was a transitional year as we worked through the most significant restructuring in our history." said Chairman, CEO and President, Don Washkewicz. Parker Hannifin shares closed at $115.02 yesterday.