PH

Parker Hannifin Boosts FY24 Earnings Outlook As Q3 Results Top Estimates

(RTTNews) - While reporting financial results for the third quarter on Thursday, Parker Hannifin Corp. (PH) raised its earnings and adjusted earnings guidance for the full-year 2024.

For fiscal 2024, the company now projects earnings in a range of $20.80 to $21.00 per share and adjusted earnings in a range of $24.65 to $24.85 per share on total sales growth of about 4 percent.

Previously, the company expected earnings in the range of $20.00 to $20.60 per share and adjusted earnings in the range of $23.90 to $24.50 per share on sales growth of 3 to 5 percent.

On average, 18 analysts polled by Thomson Reuters expect the company to report earnings of $24.43 per share on a sales growth of 4.2 percent to $19.87 billion for the year. Analysts' estimates typically exclude special items.

For the third quarter, net income attributable to common shareholders surged to $726.57 million or $5.56 per share from $590.89 million $4.54 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter was $6.51 per share, compared to $5.93 per share in the year-ago quarter.

Net sales for the quarter increased 0.3 percent to $5.07 billion from $5.06 billion in the same quarter last year. Organic sales increased 1.2 percent.

The Street was looking for earnings of $6.12 per share on revenues of $5.06 billion for the quarter.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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