NEW YORK (TheStreet) -- Parker-Hannifin (PH) - Get Report stock is rising by 3.10% to $90.87 on heavy trading volume in late-afternoon trading on Tuesday, after the company reported its fiscal 2016 second quarter financial results before the market open today.
The company posted adjusted earnings of $1.52 per share, down from $1.84 per share for the year-ago period.
Revenue declined by 14% year-over-year, to $2.71 billion from $3.13 billion for the fiscal 2014 fourth quarter.
Analysts expected earnings of $1.18 per share on revenue of $2.69 billion in revenue for the most recent quarter.
"Continued weakness, stemming from natural resource related end markets such as oil and gas, construction, mining and agriculture, continues to impact sales and order rates," CEO Tom Williams said in a statement. "Our global teams have adapted quickly to these changes allowing us to deliver solid margin performance with decremental marginal returns of 17.2% on an adjusted basis."
Based in Cleveland, Parker-Hannifin is a manufacturer of motion and control technologies and systems, providing precision engineered solutions for a wide variety of mobile, industrial and aerospace markets.
About 4.38 million shares of Parker-Hannifin have been traded so far today, well above the company's average trading volume of roughly 1.39 million shares per day.
Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C+.
Parker-Hannifin's strengths such as its largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels and notable return on equity are countered by weaknesses including poor profit margins, weak operating cash flow and a generally disappointing performance in the stock itself.
You can view the full analysis from the report here: PH
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.