By Parker Hannifin has adjusted its sales and earnings outlook for the current fiscal year, citing strong performance in its aerospace segment during the second quarter. The industrial components supplier reported a profit of $681.9 million, or $5.23 per share, for the three-month period ending on December 31, compared to $395.2 million, or $3.04 per share, in the same period last year.
Adjusted earnings, which exclude one-time items such as amortization and business-realignment costs, came in at $6.15 per share, surpassing expectations of $5.26 per share according to FactSet analysts. The company’s revenue increased by approximately 3% to $4.82 billion, meeting analysts’ predictions.
Notably, Parker Hannifin saw sales in its Aerospace Systems segment rise by 15%, while its Diversified Industrial unit saw a 1% decline in sales.
Looking ahead, Parker Hannifin is now targeting sales growth of 3% to 5% for the current fiscal year, up from its previous guidance of 2.5% to 5.5% growth. The company has also revised its adjusted earnings guidance to a range of $23.90 to $24.50 per share, an increase from the previous range of $22.60 to $23.40 per share.
Parker Hannifin remains optimistic about its future prospects as it continues to experience robust growth in the aerospace sector. With its upwardly revised sales and earnings outlook, the company is well-positioned for continued success in the market.
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