Parker Hannifin Initiates FY23 Outlook; Q3 Profit Plunges

RTTNews | 875 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

Tags: PH
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Asian Markets Mostly Higher

Asian Markets Mostly Higher

Asian stock markets are trading mostly higher on Friday, following the mixed cues from Wall Street overnight, as traders continue to be optimistic about more interest rate cuts by the U.S. Fed next year. They also remain reluctant to make significant moves at the end of the holiday shortened week to start fresh next week. Asian markets ended mixed on Thursday.
RTTNews | 8h 21min ago
Australian Market Trims Early Gains In Mid-market

Australian Market Trims Early Gains In Mid-market

The Australian stock market is trimming its early gains in mid-market trading on Friday, but adding to the gains in the previous two sessions, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying well above the 8,200 level, with gains across most sectors led by mining and technology stocks.
RTTNews | 9h 13min ago
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