Parker Hannifin Initiates FY23 Outlook; Q3 Profit Plunges
(RTTNews) - While reporting financial results for the fourth quarter on Thursday, Parker Hannifin Corp. (PH) initiated its earnings, adjusted earnings and organic sales growth guidance for the full-year 2022. The company said its outlook excludes the pending acquisition of Meggitt plc.
For fiscal 2022, the company now projects earnings in a range of $16.13 to $16.93 per share and adjusted earnings in a range of $18.10 to $18.90 per share, assuming organic sales growth of 2 to 5 percent.
On average, 15 analysts polled by Thomson Reuters expect the company to report sales growth of 2.3 percent to $16.10 billion for the year.
For the fourth quarter, net income plunged to $128.83 million or $0.99 per share from $504.79 million $3.84 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter was $5.16 per share, compared to $4.38 per share in the year-ago quarter.
Net sales for the quarter increased 5.8 percent to an all-time record of $4.19 billion from $3.96 billion in the same quarter last year. Organic sales increased 10.0 percent.
The Street was looking for revenues of $3.89 billion for the quarter.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com
Parker Hannifin Boosts FY24 Earnings Outlook As Q3 Results Top Estimates
Parker Hannifin Boosts FY23 Outlook As Q3 Results Top Estimates
Japanese Market Notably Lower
Additional Support Predicted For Indonesia Shares
Australian Market Slightly Lower
Hong Kong Shares May Stop The Bleeding On Friday
Higher Open Called For China Stock Market
