Parker-Hannifin (NYSE: PH) reported Q3 EPS of $6.51, $0.39 better than the analyst estimate of $6.12. Revenue for the quarter came in at $5.07 billion versus the consensus estimate of $5.07 billion.

GUIDANCE:

Parker-Hannifin sees FY2024 EPS of $24.65-$24.85, versus the consensus of $24.43.

Parker's outlook for the fiscal year ending June 30, 2024 has been updated. The company expects total sales growth in fiscal 2024 to be approximately 4%; total segment operating margin of approximately 21.2%, or 24.6% on an adjusted basis; and earnings per share in the range of $20.80 to $21.00, or $24.65 to $24.85 on an adjusted basis. Reconciliations of forecasted segment operating margin to adjusted forecasted segment operating margin and forecasted earnings per share to adjusted forecasted earnings per share are included in the financial tables of this press release.

Parmentier added, “We are increasing our outlook for fiscal 2024 based on the strong third quarter performance delivered by our team members and double-digit organic growth in aerospace. Parker remains well positioned to continue producing record performance and creating shareholder value by executing The Win Strategy™. We look forward to presenting more about our promising future at our upcoming investor day on May 16, 2024.”

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