Parker-Hannifin (PH) Tops Q2 EPS by 30c, Updates Guidance

Parker-Hannifin (NYSE: PH) reported Q2 EPS of $4.76, $0.30 better than the analyst estimate of $4.46. Revenue for the quarter came in at $4.67 billion versus the consensus estimate of $4.44 billion.

GUIDANCE:

Parker-Hannifin sees FY2023 EPS of $19.20-$19.70, versus the consensus of $19.11.

• Parker's outlook for the fiscal year ending June 30, 2023 has been updated. The company expects fiscal 2023 organic sales growth to be in the range of 6% to 8% and earnings per share in the range of $13.50 to $14.00, or $19.20 to $19.70 on an adjusted basis. A reconciliation of forecasted earnings per share to adjusted forecasted earnings per share is included in the financial tables of this press release.
• Parmentier added, "We expect another year of record performance in fiscal 2023. Longer term, we feel very positive about our plans to deliver $300 million of synergies from the acquisition of Meggitt and remain committed to our fiscal year 2027 financial targets. We have a bright future ahead driven by our business system The Win Strategy™, a transformed portfolio and secular growth trends.”

For earnings history and earnings-related data on Parker-Hannifin (PH) click here.

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