Parker Hannifin Profit Plunges on Impact of Tax Reform

   By Carlo Martuscelli

Parker Hannifin Corp. (PH) on Thursday reported a 77% fall in fiscal second-quarter net income after posting a $224.5 million expense related to U.S. tax reform.

The Cleveland-based motion and control technology company earned a quarterly profit of $56.2 million, or 41 cents a share, compared with $241.3 million, or $1.78 a share, for the same period last year.

Excluding items, Parker Hannifin reported an adjusted profit of $2.15 a share for the quarter. Analysts expected a profit of $1.89 a share, according to FactSet.

Sales rose to $3.37 billion from $2.67 billion for the second quarter ended Dec. 31, 2016, topping analysts forecasts of $3.32 billion.

Chief Executive Tom Williams said improved market conditions and the implementation of Parker Hannifin's business strategy had resulted in improvements across the company, pointing to growing sales and improved margins.

Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com

(END) Dow Jones Newswires

February 01, 2018 08:09 ET (13:09 GMT)

Parker Hannifin (NYSE:PH)
Historical Stock Chart
From Mar 2024 to Apr 2024