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Parker-Hannifin fiscal Q1 profit climbs YOY

Parker-Hannifin Corp. said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to $1.39 per share, compared with the S&P Capital IQ consensus estimate of $1.57 per share.

EPS climbed year over year from $1.34.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $189.3 million, an increase from $185.9 million in the prior-year period.

The normalized profit margin climbed to 6.9% from 6.5% in the year-earlier period.

Total revenue fell on an annual basis to $2.74 billion from $2.87 billion, and total operating expenses decreased 5.1% year over year to $2.42 billion from $2.55 billion.

Reported net income rose 7.7% from the prior-year period to $210.5 million, or $1.55 per share, from $195.4 million, or $1.41 per share.