(RTTNews) - While reporting financial results for the third quarter on Thursday, Parker Hannifin Corp. (PH) raised its earnings and adjusted earnings guidance for the full-year 2024.
For fiscal 2024, the company now projects earnings in a range of $20.80 to $21.00 per share and adjusted earnings in a range of $24.65 to $24.85 per share on total sales growth of about 4 percent.
Previously, the company expected earnings in the range of $20.00 to $20.60 per share and adjusted earnings in the range of $23.90 to $24.50 per share on sales growth of 3 to 5 percent.
On average, 18 analysts polled by Thomson Reuters expect the company to report earnings of $24.43 per share on a sales growth of 4.2 percent to $19.87 billion for the year. Analysts' estimates typically exclude special items.
For the third quarter, net income attributable to common shareholders surged to $726.57 million or $5.56 per share from $590.89 million $4.54 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter was $6.51 per share, compared to $5.93 per share in the year-ago quarter.
Net sales for the quarter increased 0.3 percent to $5.07 billion from $5.06 billion in the same quarter last year. Organic sales increased 1.2 percent.
The Street was looking for earnings of $6.12 per share on revenues of $5.06 billion for the quarter.
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