Parker Hannifin Q1 Profit Slips

(RTTNews) - Parker Hannifin Corp. (PH) Thursday reported a decline in first-quarter earnings, despite higher net sales, compared to the prior year.

The motion and control technologies provider's first-quarter earnings were $387.85 million, compared to $451.16 million a year ago. On a per-share basis, earnings were $2.98, lower than $3.45 per share in the prior year. On an adjusted basis, earnings were $615.5 million or $4.74 per share.

On average, 14 analysts polled by Thomson Reuters expected the company to earn $4.16 per share. Analysts' estimates usually exclude special items.

Net sales for the quarter climbed to $4.232 billion from $3.762 billion in the same quarter last year. Wall Street expected the company to earn $3.95 billion.

Parker expects organic sales for the fiscal year 2023 to be in the range of 4.5 to 7.5 percent and earnings per share in the range of $12.85 to $13.55, or $18.60 to $19.30 on an adjusted basis.