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Parker Hannifin Drills Estimates

It beats and guides higher.

Parker Hannifin

(PH) - Get Parker-Hannifin Corporation Report

beat third-quarter targets and raised full-year guidance.

The Cleveland-based manufacturer made $211 million, or $1.75 a share, from continuing operations in the quarter ended Sept. 30, up from the year-ago $144 million, or $1.19 a share. Sales rose to $2.55 billion from $2.11 billion a year earlier.

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Analysts surveyed by Thomson Financial were looking for a $1.48-a-share profit on sales of $2.47 billion.

"Clearly, our current results are demonstrating that Parker's Win Strategy is working," said CEO Don Washkewicz. "The 14.9% operating margin we produced this quarter is right at our corporate goal, and is a level we have not seen in almost 10 years.

"On a year over year basis, the Climate & Industrial Controls and the Industrial International segments improved their margins substantially, while the North America Industrial and Aerospace segments also improved on what were already very strong performances. We attribute our margin improvement to the relentless global execution of our Win Strategy."

The company said it expects to make $6.05 to $6.45 a share for the year, against the $6.17 Thomson target.