Industrial machinery company Parker-Hannifin (NYSE: PH) will be reporting results this Thursday before market open. Here’s what you need to know.
Parker-Hannifin beat analysts’ revenue expectations last quarter, reporting revenues of $5.49 billion, up 10.6% year on year. It was a strong quarter for the company, with an impressive beat of analysts’ organic revenue estimates and full-year EPS guidance slightly topping analysts’ expectations.
Is Parker-Hannifin a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Parker-Hannifin’s revenue to grow 6.3% year on year, improving from the 1.1% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Parker-Hannifin has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Parker-Hannifin’s peers in the gas and liquid handling segment, some have already reported their Q2 results, giving us a hint as to what we can expect. SPX Technologies delivered year-on-year revenue growth of 22.9%, beating analysts’ expectations by 5.8%, and Ingersoll Rand reported revenues up 8.5%, topping estimates by 4.6%. SPX Technologies traded up 10% following the results while Ingersoll Rand was down 1.1%.
Read our full analysis of SPX Technologies’s results here and Ingersoll Rand’s results here.
Investors in the gas and liquid handling segment have had steady hands going into earnings, with share prices flat over the last month. Parker-Hannifin is up 2.2% during the same time and is heading into earnings with an average analyst price target of $1,040 (compared to the current share price of $992.36).
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