Industrial machinery company Parker-Hannifin (NYSE: PH) will be announcing earnings results tomorrow before market hours. Here’s what to expect.
Parker-Hannifin missed analysts’ revenue expectations by 1.1% last quarter, reporting revenues of $4.74 billion, down 1.6% year on year. It was a slower quarter for the company, with a significant miss of analysts’ adjusted operating income estimates.
Is Parker-Hannifin a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Parker-Hannifin’s revenue to decline 1.8% year on year to $4.98 billion, a deceleration from its flat revenue in the same quarter last year. Adjusted earnings are expected to come in at $6.72 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Parker-Hannifin has missed Wall Street’s revenue estimates twice over the last two years.
Looking at Parker-Hannifin’s peers in the gas and liquid handling segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Gorman-Rupp delivered year-on-year revenue growth of 2.9%, missing analysts’ expectations by 0.5%, and Graco reported revenues up 7.3%, in line with consensus estimates. Gorman-Rupp traded up 6.1% following the results while Graco was also up 2.1%.
Read our full analysis of Gorman-Rupp’s results here and Graco’s results here.
Investors in the gas and liquid handling segment have had fairly steady hands going into earnings, with share prices down 1.6% on average over the last month. Parker-Hannifin is down 1.1% during the same time and is heading into earnings with an average analyst price target of $699.23 (compared to the current share price of $603.41).
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