Why Motion & Control Technologies Provider Parker-Hannifin Shares Are Higher Today
Portfolio Pulse from Lekha Gupta
Parker-Hannifin Corp (NYSE:PH) shares rose after reporting better-than-expected Q2 FY24 results and raising FY24 guidance. Sales grew 3.1% Y/Y to $4.821 billion, with adjusted EPS of $6.15, surpassing consensus. The company also increased its adjusted EPS forecast for FY24 to $23.90-$24.50 and updated its sales growth and segment operating margin outlook. A quarterly dividend of $1.48 per share was declared, payable on March 1, 2024.
February 01, 2024 | 6:35 pm
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Parker-Hannifin Corp reported strong Q2 FY24 results with sales growth and an increased FY24 EPS guidance, leading to a share price increase.
Parker-Hannifin's better-than-expected Q2 FY24 earnings and raised guidance for FY24 indicate strong financial health and operational efficiency, which are key drivers for the stock's positive short-term price movement. The announcement of a regular quarterly dividend further supports investor confidence, contributing to the positive outlook.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100