Parker Hannifin Shares Climb to Record After Raising EPS Outlook Above Estimates
$Parker Hannifin (PH.US)$ 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 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.
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."
Disclaimer: This article is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested into. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information having regard to your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty as to its adequacy, completeness, accuracy or timeliness for any particular purpose of the above content. See this link is for more information.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
Moomoo Senior News and Community Manager
Former editor at Bloomberg, ex-commentary editor at Lazard. Posts aren’t investment advice. Views are just mine.
5790Followers
16Following
16KVisitors
Follow