Parker Hannifin Boosts FY22 Outlook As Q2 Results Top Estimates - Quick Facts

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

For fiscal 2021, the company now projects 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.

Previously, the company expected earnings in the range of $14.52 to $15.22 per share and adjusted earnings in the range of $16.95 to $17.65 per share, assuming organic sales growth of 7 to 10 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $17.63 per share on a sales growth of 9.0 percent to $15.64 billion for the year. Analysts' estimates typically exclude special items.

For the second quarter, net income declined to $387.60 million or $2.97 per share from $448.35 million $3.42 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter was $4.46 per share, compared to $3.45 per share in the year-ago quarter.

Net sales for the quarter increased 12 percent to $3.82 billion from $3.41 billion in the same quarter last year. Organic sales increased 13 percent.

The Street was looking for earnings of $3.91 per share on revenues of $3.72 billion for the quarter.