Parker-Hannifin Corporation reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2015. For the quarter, the company reported net sales of $2,705,590,000 against $3,134,993,000 a year ago. Income before income taxes was $229,880,000 against $343,266,000 a year ago. Net income attributable to common shareholders was $182,982,000 against $267,252,000 a year ago. Diluted earnings per share were $1.33 against $1.80 a year ago. Adjusted net income was $208,600,000 against $273,785,000 a year ago. Adjusted earnings per diluted share were $1.52 against $1.84 a year ago. Cash flow was 8.9% of sales.

For the six months, the company reported net sales of $5,574,938,000 against $6,404,925,000 a year ago. Income before income taxes was $505,529,000 against $739,901,000 a year ago. Net income attributable to common shareholders was $377,960,000 against $547,341,000 a year ago. Diluted earnings per share were $2.74 against $3.66 a year ago. Adjusted net income was $419,178,000 against $559,468,000 a year ago. Adjusted earnings per diluted share were $3.04 against $3.74 a year ago. Net cash provided by operating activities was $346,628,000 against $538,497,000 a year ago. Capital expenditures were $75,419,000 against $109,781,000 a year ago.

For the fiscal year ending June 30, 2016, the company has maintained the midpoint and narrowed the range of guidance for earnings from continuing operations to $5.40 to $5.80 per share, or $5.90 to $6.30 per share on an adjusted basis. Fiscal year 2016 guidance is adjusted for expected business realignment expenses of approximately $0.50 per share, of which $0.30 per share relates to the company's Simplification initiatives. Guidance also reflects an expected full year tax rate of approximately 28%.

For the third quarter of 2016, adjusted earnings per share is projected to be $1.40 per share at the midpoint, and this excludes $0.17 of business realignment expenses.