Parker Hannifin Raises FY2024 Adj EPS Guidance from $22.60-23.40 to $23.90-$24.50 vs $23.26 Est; GAAP EPS from $18.73-$1953 to $20.00-$20.60
Portfolio Pulse from Benzinga Newsdesk
Parker Hannifin has updated its FY2024 financial outlook, raising its adjusted EPS guidance from $22.60-$23.40 to $23.90-$24.50, above the $23.26 estimate. The company also increased its GAAP EPS forecast from $18.73-$19.53 to $20.00-$20.60. Additionally, Parker expects total sales growth of 3% to 5% and a total segment operating margin of 20.7% to 21.1%, or 24.1% to 24.5% on an adjusted basis for the fiscal year ending June 30, 2024.
February 01, 2024 | 12:41 pm
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Parker Hannifin has raised its FY2024 adjusted EPS guidance significantly above estimates, indicating a positive outlook on its financial performance and operational efficiency.
The upward revision in both adjusted and GAAP EPS guidance by Parker Hannifin suggests the company's management has a positive outlook on its operational efficiency and profitability for FY2024. This is likely to be viewed favorably by investors, potentially leading to a short-term increase in stock price as the market reacts to the improved financial forecasts.
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