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Parker Hannifin Shares Climb to Record After Raising EPS Outlook Above Estimates

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Luzi Ann Santos wrote a column · Feb 1 23:22
$Parker Hannifin (PH.US)$ shares climbed to a record $496.40 before paring gains to 5.1% after the company raised its full year earnings outlook above analysts' estimates and exceeded consensus on its second quarter results.
The industrial company now sees adjusted earnings for the year ending June 30 at $23.90 to $24.50 a share, according to its press release. That's higher than the $23.26 analysts polled by Capital IQ were expecting, and its previous outlook of $22.60 to $23.40, according to an MT Newswires report.
Parker Hannifin Shares Climb to Record After Raising EPS Outlook Above Estimates
Parker Hannifin expects total sales growth in fiscal 2024 to be in the range of 3% to 5%, while total segment operating margin is seen between 20.7% and 21.1%, or 24.1% to 24.5% on an adjusted basis.

For the second quarter, the company reported a record adjusted EPS of $6.15, up 29% from a year earlier. That beats the $5.26 estimate expected by analysts, according to MT Newswires.
"Strong aerospace and defense results, including synergies from the Meggitt acquisition, were a key driver of performance in the quarter," Chairman and Chief Executive Officer Jenny Parmentier said in the company's press release Thursday. "We continued to generate strong cash flow and direct it towards reducing debt."
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