FX.co ★ Parker-Hannifin Lifts Annual Earnings Outlook Above View; Stock Up Nearly 6% In Pre-Market

Parker-Hannifin Corporation, a leading manufacturer of motion and control systems, revealed on Thursday that it has upwardly revised its annual earnings projection, as stated in its second-quarter financial summary. The company now anticipates a net income per share within the range of $20 to $20.60, a noteworthy increase from its initial estimate that oscillated between $18.73 and $19.53. When special items are excluded, Parker-Hannifin forecasts a per-share income between $23.90 and $24.50, surpassing its initial estimate of $22.60 to $23.40.

Taking into consideration the consensus of 19 analysts surveyed by Thomson Reuters, the company's yearly income per share is expected to round off at $23.30. Note that these estimates typically do not account for unusual items. Additionally, Parker-Hannifin anticipates an annual total sales growth of 3-5%, a slight modification from its earlier projection of 2.5 to 5.5%.

On average, analysts predict that the company's annual revenue will be approximately $19.92 billion. In pre-market trading on the New York Stock Exchange, Parker-Hannifin's stock was trending upward by $5.8900 per share, standing at $491.86.