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Parker-Hannifin fiscal Q3 profit climbs YOY

Parker-Hannifin Corp. said its normalized net income for the fiscal third quarter ended March 31 amounted to $1.75 per share, compared with the S&P Capital IQ consensus estimate of $1.99 per share.

EPS climbed 9.0% year over year from $1.61.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $247.2 million, an increase from $243.7 million in the prior-year period.

The normalized profit margin rose to 7.8% from 7.3% in the year-earlier period.

Total revenue decreased 5.8% on an annual basis to $3.16 billion from $3.36 billion, and total operating expenses fell 7.3% on an annual basis to $2.74 billion from $2.95 billion.

Reported net income increased 17.5% year over year to $285.2 million, or $2.02 per share, from $242.8 million, or $1.60 per share.