WASHINGTON (dpa-AFX) - (Adds Outlook)
Parker Hannifin Corp. (PH) revealed earnings for its fourth quarter that increased from last year and beat the Street estimates.
The company's earnings totaled $708.96 million, or $5.44 per share. This compares with $128.83 million, or $0.99 per share, in last year's fourth quarter.
Excluding items, Parker Hannifin Corp. reported adjusted earnings of $791.4 million or $6.08 per share for the period.
Analysts on average had expected the company to earn $5.48 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter rose 21.7% to $5.096 billion from $4.188 billion last year.
Outlook:
The company expects sales growth in fiscal 2024 to be in the range of 3% to 6%
Adjusted EPS for the year is expected in the range of $21.90 to $22.90
Analysts on average expect the company to report earnings of $20.91 per share on revenue growth of 19.6% for the year.
Parker Hannifin Corp. earnings at a glance (GAAP) :
-Earnings (Q4): $708.96 Mln. vs. $128.83 Mln. last year. -EPS (Q4): $5.44 vs. $0.99 last year. -Analyst Estimate: $5.48 -Revenue (Q4): $5.096 Bln vs. $4.188 Bln last year.
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