Parker Hannifin Boosts FY22 Adj. EPS Outlook As Q3 Results Top Estimates

(RTTNews) - While reporting financial results for the third quarter on Thursday, Parker Hannifin Corp. (PH) raised its adjusted earnings guidance for the full-year 2022.

For fiscal 2022, the company now projects earnings in a range of $13.00 to $13.30 per share and adjusted earnings in a range of $18.00 to $18.30 per share, assuming organic sales growth of about 11 percent.

Previously, the company expected earnings in a range of $14.42 to $14.92 per share and adjusted earnings in a range of $17.80 to $18.30 per share, assuming organic sales growth of 10 to 12 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $18.27 per share on a sales growth of 10.3 percent to $15.82 billion for the year. Analysts' estimates typically exclude special items.

For the third quarter, net income declined to $348.0 million or $2.67 per share from $473.2 million $3.60 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter was $4.83 per share, compared to $4.12 per share in the year-ago quarter.

Net sales for the quarter increased 9 percent to an all-time record of $4.09 billion from $3.75 billion in the same quarter last year. Organic sales increased 11 percent.

The Street was looking for earnings of $4.06 per share on revenues of $4.65 billion for the quarter.