Parker-Hannifin (PH) Tops Q2 EPS by 27c, Updates FY Guidance
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Parker-Hannifin (NYSE: PH) reported Q2 EPS of $2.54, $0.27 better than the analyst estimate of $2.27. Revenue for the quarter came in at $3.5 billion versus the consensus estimate of $3.45 billion.
Parker-Hannifin sees FY2020 EPS of $10.25-$10.85, versus the consensus of $10.68.
For the fiscal year ending June 30, 2020, the company has increased guidance for earnings per share to the range of $8.78 to $9.38, or $10.25 to $10.85 on an adjusted basis. Fiscal year 2020 guidance is adjusted on a pre-tax basis for expected business realignment expenses of approximately $40 million, costs to achieve of approximately $27 million, and one-time acquisition expenses of approximately $185 million pertaining to the LORD Corporation and Exotic Metals Forming Company transactions. Guidance assumes an organic sales decline in the range of 7.6% to 5.1%. 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, "The actions we have taken under the Win Strategy to strengthen our operations have positioned Parker for a strong second half of fiscal 2020. Thanks to our global team members for their continued focus and dedication. We are optimistic about the future and the prospect of reaching our targeted financial goals for fiscal 2023."
For earnings history and earnings-related data on Parker-Hannifin (PH) click here.
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