Parker-Hannifin (PH) Tops Q1 EPS by 73c, Updates Guidance
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Parker-Hannifin (NYSE: PH) reported Q1 EPS of $3.07, $0.73 better than the analyst estimate of $2.34. Revenue for the quarter came in at $3.23 billion versus the consensus estimate of $2.98 billion.
Parker-Hannifin sees FY2021 EPS of $11.70-$12.30, versus the consensus of $10.98.
- For the fiscal year ending June 30, 2021, the company has increased guidance for earnings per share to the range of $9.93 to $10.53, or $11.70 to $12.30 on an adjusted basis. Guidance assumes an organic sales decline in the range of 9% to 6%. Fiscal year 2021 guidance is adjusted on a pre-tax basis for expected business realignment expenses of approximately $60 million, costs to achieve of approximately $18 million, acquisition-related intangible asset amortization of approximately $322 million and a gain on the sale of land of approximately $101 million, which closed in October, 2020. A reconciliation of forecasted earnings per share to adjusted forecasted earnings per share is included in the financial tables of this press release.
- Williams added, “Given our strong first quarter performance, we are updating our previously issued guidance but remain cautious about performance trends for the remainder of this fiscal year. While there are indicators that the worst of the economic downturn is behind us, the COVID-19 pandemic is likely to continue to create headwinds in the global environment. We are confident in our ability to perform in FY21 and in the future, driven by the Win Strategy 3.0 as our business system."
For earnings history and earnings-related data on Parker-Hannifin (PH) click here.
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