Parker Hannifin Initiates FY23 Outlook; Q3 Profit Plunges

RTTNews | 1119 days ago
Stocktwits
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

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Taiwan Stock Market May Extend Winning Streak

Taiwan Stock Market May Extend Winning Streak

The Taiwan stock market has tracked higher in three straight sessions, gathering more than 750 points or 3.1 percent along the way. The Taiwan Stock Exchange now rests just beneath the 24,520-point plateau and it may add to its winnings again on Thursday.
RTTNews | 21 minutes ago
Singapore Stock Market May Extend Wednesday's Gains

Singapore Stock Market May Extend Wednesday's Gains

The Singapore stock market bounced higher again on Wednesday, one day after snapping the five-day winning streak in which it had climbed almost 70 points or 1.6 percent. The Straits Times Index now sits just above the 4,245-point plateau and it may pick up steam on Thursday.
RTTNews | 51 minutes ago
Malaysia Bourse May Add To Its Winnings On Thursday

Malaysia Bourse May Add To Its Winnings On Thursday

The Malaysia stock market rebounded on Wednesday, one day after ending the three-day winning streak in which it had collected almost 15 points or 0.9 percent. The Kuala Lumpur Composite Index now sits just above the 1,585-point plateau and it's expected to open in the green again on Thursday.
RTTNews | 1h 21min ago
Higher Open Called For Japan Stock Market

Higher Open Called For Japan Stock Market

The Japan stock market bounced higher again on Wednesday, one session after ending the two-day winning streak in which it had advanced almost 200 points or 0.5 percent. The Nikkei 225 now rests just above the 42,520-point plateau and it's expected to open to the upside again on Thursday.
RTTNews | 1h 36min ago
KOSPI May Reclaim 3,200-Point Level

KOSPI May Reclaim 3,200-Point Level

The South Korea stock market bounced higher again on Wednesday, one day after ending the three-day winning streak in which it had improved almost 80 points or 2.6 percent. The KOSPI now sits just shy of the 3,190-point plateau and it may tick higher again on Thursday.
RTTNews | 1h 51min ago
Korea Interest Rate Decision Due On Thursday

Korea Interest Rate Decision Due On Thursday

The Bank of Korea will wrap up its monetary policy meeting this morning and then announce its decision on interest rates, highlighting a light day for Asia-Pacific economic activity. The BoK is expected to keep its benchmark lending rate unchanged at 2.50 percent.
RTTNews | 2h 51min ago
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