Parker Hannifin Initiates FY23 Outlook; Q3 Profit Plunges

RTTNews | 1070 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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U.S. House Purchase Mortgage Applications Highest In Over 2 Years: MBA

U.S. House Purchase Mortgage Applications Highest In Over 2 Years: MBA

Home loan applications in the U.S. rose to their highest level since early 2023 in the week ended July 04, while mortgage rates eased only modestly, survey data from the Mortgage Bankers Association showed on Wednesday. The number of mortgage applications grew 9.4 percent from the previous week when it they rose 2.7 percent, the MBA said.
RTTNews | 1h 54min ago
Fed Minutes Reveal Mixed Views About Outlook For Interest Rates

Fed Minutes Reveal Mixed Views About Outlook For Interest Rates

The Federal Reserve on Wednesday released the minutes of its June monetary policy meeting, which revealed most participants generally agree the central bank is well positioned to wait for more clarity on the outlook for inflation and the economy before adjusting interest rates.
RTTNews | 3h 27min ago
U.S. Wholesale Inventories Dip In Line With Estimates In May

U.S. Wholesale Inventories Dip In Line With Estimates In May

A report released by the Commerce Department on Wednesday showed a modest decrease by wholesale inventories in the U.S. in the month of May. The Commerce Department said wholesale inventories fell by 0.3 percent in May after inching up by 0.1 percent in April. The pullback by inventories matched economist expectations as well as the flash estimate.
RTTNews | 7h 33min ago
Bay Street May Open On Positive Note

Bay Street May Open On Positive Note

Slightly higher Canadian and U.S. futures point to a marginally positive start for Canadian shares on Wednesday. The focus will be on trade deal negotiations.
RTTNews | 8h 54min ago
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