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Parker-Hannifin fiscal Q2 profit falls YOY

Parker-Hannifin Corp. said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, came to $1.15 per share, compared with the S&P Capital IQ consensus estimate of $1.18 per share.

EPS decreased 22.0% year over year from $1.48.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $158.1 million, a decline of 27.8% from $218.9 million in the year-earlier period.

The normalized profit margin dropped to 5.8% from 7.0% in the year-earlier period.

Total revenue fell 13.7% on an annual basis to $2.71 billion from $3.13 billion, and total operating expenses declined 12.3% year over year to $2.43 billion from $2.77 billion.

Reported net income declined 31.7% on an annual basis to $182.3 million, or $1.33 per share, from $266.7 million, or $1.80 per share.