Industrial machinery company Parker-Hannifin (NYSE: PH) will be reporting results this Thursday before the bell. Here’s what investors should know.
Parker-Hannifin beat analysts’ revenue expectations last quarter, reporting revenues of $5.17 billion, up 9.1% year on year. It was a strong quarter for the company, with an impressive beat of analysts’ organic revenue estimates and a solid beat of analysts’ revenue estimates.
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 8.8% year on year, a reversal from the 2.2% decrease it recorded in the same quarter last year.
The majority of analysts covering the company have 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 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 Q1 results, giving us a hint as to what we can expect. Gorman-Rupp delivered year-on-year revenue growth of 7.7%, beating analysts’ expectations by 3.5%, and Ingersoll Rand reported revenues up 7.6%, topping estimates by 0.9%. Gorman-Rupp traded up 16.2% following the results.
Read our full analysis of Gorman-Rupp’s results here and Ingersoll Rand’s results here.
There has been positive sentiment among investors in the gas and liquid handling segment, with share prices up 14.1% on average over the last month. Parker-Hannifin is up 12.2% during the same time and is heading into earnings with an average analyst price target of $1,035 (compared to the current share price of $966.50).
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