Parker-Hannifin Corporation(NYSE:PH) has
posted poor results for the quarter and has also cut its annual forecast due to
weak economic conditions.
For the quarter ended September 30, the
net income of the company which makes control systems for manufacturing and
transport industries fell 19 percent to $239.7 million or $1.50 a share. Last year, the company had earned $297
million or $1.91 a share in the same quarter.
Analysts had expected the company to make $1.73 a share. The sales of
the company fell from $3.23 billion to $3.21 billion.
The international industrial segment of
the Cleveland based company performed badly.
As the company is seeing a sharp drop in
industrial orders, it expects its earnings this year to be weak. It had earlier given guidance in the range of
$7.10 to $7.90 a share, while analysts had estimated annual earnings of
$7.50. But the company has now revised
its guidance and expects to make only $6.15 to $6.75 a share.
Parker shares dropped 7.60 percent to $78.62.
McDonald's Corporation(NYSE:MCD) has
declared its results for the third quarter.
The net income has fallen 4 percent.
While the strong dollar hurt international income, severe competition
hurt U.S. profits.
The world’s largest hamburger chain earned a
net income of $1.46 billion which works out to $1.43 a share, compared to $1.51
billion and $1.40 a share in the same quarter last year. According to analyst estimates, the company
should have earned $1.47 a share. The
strength in the dollar cost the company 8 cents a share. Revenues in this quarter were flat at $7.15
billion; last year revenues were $7.17 billion and analysts had expected the
same this year.
McDonald’s shares dropped $3.50 or 3.77
percent to $89.36.
No comments:
Post a Comment