Parker Hannifin Initiates FY23 Outlook; Q3 Profit Plunges

(RTTNews) - While reporting financial results for the fourth quarter on Thursday, Parker Hannifin Corp. (PH) initiated its earnings, adjusted earnings and organic sales growth guidance for the full-year 2022. The company said its outlook excludes the pending acquisition of Meggitt plc.

For fiscal 2022, the company now projects earnings in a range of $16.13 to $16.93 per share and adjusted earnings in a range of $18.10 to $18.90 per share, assuming organic sales growth of 2 to 5 percent.

On average, 15 analysts polled by Thomson Reuters expect the company to report sales growth of 2.3 percent to $16.10 billion for the year.

For the fourth quarter, net income plunged to $128.83 million or $0.99 per share from $504.79 million $3.84 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter was $5.16 per share, compared to $4.38 per share in the year-ago quarter.

Net sales for the quarter increased 5.8 percent to an all-time record of $4.19 billion from $3.96 billion in the same quarter last year. Organic sales increased 10.0 percent.

The Street was looking for revenues of $3.89 billion for the quarter.

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