Parker Hannifin Corp. reported Thursday fiscal fourth-quarter record profit and revenue that beat Wall Street's expectations, as international industrial sales beat forecasts to offset a miss in North America sales. The motion control and technologies and systems company also provided a fiscal 2022 earnings outlook that was a little below expectations. The stock fell 0.8% in premarket trading. The company swung to net income of $504.8 million, or $3.84 a share, from $289.5 million, or $2.23 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to $4.38, above the FactSet consensus of $4.32. Sales grew 25.3% to $3.96 billion, topping the FactSet consensus $3.93 billion. North America industrial sales rose 27% to $1.82 billion, below the FactSet consensus of $1.88 billion, while international industrial sales grew 37% to $1.51 billion to beat expectations of $1.43 billion. Aerospace sales increased 1% to $630.0 million, above expectations of $627.0 million. For fiscal 2022, the company expects adjusted EPS of $16.20 to $17.00, compared with the FactSet consensus of $17.19. The stock has lost 3.9% over the past three months through Wednesday, while the S&P 500 has gained 5.6%.
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