Parker-Hannifin Delivers Robust Q1 FY24 Performance, Aerospace Segment Sales Soar
Portfolio Pulse from Akanksha Bakshi
Parker-Hannifin Corp (NYSE:PH) reported Q1 FY24 sales growth of 15% YoY to $4.85 billion, missing the consensus of $4.88 billion. Adjusted EPS improved to $5.96, beating the consensus of $5.31. Aerospace Systems sales increased by 64.7% YoY. The company raised its adjusted EPS expectation to $22.60-$23.40 from $21.90-$22.90. Parker-Hannifin shares are trading higher by 8.49% at $401.94.
November 02, 2023 | 4:22 pm
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Parker-Hannifin reported strong Q1 FY24 results with significant growth in Aerospace Systems sales. Despite missing sales consensus, the company beat EPS consensus and raised its EPS guidance, leading to a rise in its stock price.
Parker-Hannifin's Q1 FY24 results show strong performance, particularly in the Aerospace Systems segment. The company's EPS beat consensus and it raised its EPS guidance, indicating confidence in its future performance. These factors are likely contributing to the rise in its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100