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Parker-Hannifin (PH) Q4 Earnings, Sales Top on Win Strategy

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Parker-Hannifin Corporation

reported better-than-expected results for fourth-quarter fiscal 2016. Adjusted earnings of $1.90 per share surpassed the Zacks Consensus Estimate of $1.77 and rose 32.9% on a year-over-year basis.

Parker-Hannifin Corporation (PH) Street EPS & Surprise Percent - Last 5 Quarters | FindTheCompany

The year-over-year improvement in the bottom line came largely on the back of the new Win Strategy. Also, a fall in cost of sales proved conducive to the earnings performance.

For full-year 2016, the company reported adjusted earnings per share of $6.46, down 10.9% from the year-ago tally. Dismal top-line performance impacted the earnings performance to a certain extent.

Inside the Headlines

Net sales in the second quarter fell 6% year over year to $2,957.1 million but surpassed the Zacks Consensus Estimate of $2,937 million. Lackluster performance in the company's Diversified Industrial segment proved to be a major drag.

For full-year 2016, the company's net sales of $11,360.7 million fell 10.6% on a year-over-year basis. Tough macroeconomic conditions, order declines and currency fluctuations weighed on the full-year revenue performance.

Parker-Hannifin's adjusted total segment operating income for the quarter stood at $437.3 million, relatively flat on a year-over-year basis.

Segmental Performance

At the Diversified Industrial Segment, North American sales for the fiscal fourth quarter decreased 10.8% to $1,260.2 million. Also, this segment recorded a 10% decline in...