Parker Hannifin's ( PH ) profit rose more than 100% in the third quarter, with the company saying it saw the early stages of an economic recovery.

The Cleveland-based systems and equipment company earned $107.8 million, or 90 cents a share, on revenue of $1.91 billion, compared with $48.7 million, or 42 cents a share, on sales of $1.65 billion a year ago. Analysts were expecting 89 cents a share.

The quarter included a tax benefit of 10 cents a share.

The company forecast EPS of $2.55 to $2.65 a share for its 2004 fiscal year ending June 30. Analysts expect $2.62 a share, based on Thomson First Call's survey.

"It appears that we may be in the early stages of a broad recovery, and we expect continued growth and increased profitability from strong order momentum," the company said.

Shares rose 81 cents, or 1.4%, to $57.91.

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