Parker Hannifin Boosts FY23 Outlook As Q3 Results Top Estimates
(RTTNews) - While reporting financial results for the third quarter on Thursday, Parker Hannifin Corp. (PH) raised its earnings, adjusted earnings and organic sales growth guidance for the full-year 2023.
For fiscal 2023, the company now projects earnings in a range of $14.75 to $15.05 per share and adjusted earnings in a range of $20.60 to $20.90 per share, assuming organic sales growth of about 10 percent.
Previously, the company expected earnings in the range of $13.50 to $14.00 per share and adjusted earnings in the range of $19.20 to $19.70 per share, assuming organic sales growth of 6 to 8 percent.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $19.66 per share on a sales growth of 16.4 percent to $18.46 billion for the year. Analysts' estimates typically exclude special items.
For the third quarter, net income attributable to common shareholders surged to $590.89 million or $4.54 per share from $348.02 million $2.67 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter was $5.93 per share, compared to $4.83 per share in the year-ago quarter.
Net sales for the quarter increased 23.9 percent to $5.06 billion from $4.09 billion in the same quarter last year. Organic sales increased 11.5 percent.
The Street was looking for earnings of $5.01 per share on revenues of $4.76 billion for the quarter.
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