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.
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 Initiates FY23 Outlook; Q3 Profit Plunges
Japan Data On Tap For Friday
Euro Climbs Against Majors
Swiss Market Ends Marginally Up
European Stocks Close Weak
Canadian Stocks Turning In Mixed Performance; TSX Down Marginally
