Parker Hannifin Boosts FY21 Outlook - Quick Facts

(RTTNews) - While reporting financial results for the first quarter of fiscal 2021 on Thursday, Parker Hannifin Corp. (PH) raised its earnings and adjusted earnings and organic sales growth guidance for the full-year 2021, based on its strong first quarter performance.

For fiscal 2021, the company now projects earnings in a range of $9.93 to $10.53 per share and adjusted earnings in a range of $11.70 to $12.30 per share, assuming organic sales decline in the range of 8 to 6 percent.

Previously, the company expected earnings in the range of $7.41 to $8.41 per share and adjusted earnings in the range of $9.80 to $10.80 per share, assuming organic sales decline in the range of 13 to 9 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $10.98 per share on a sales decline of 6.2 percent to $12.85 billion for the year. Analysts' estimates typically exclude special items.

"While there are indicators that the worst of the economic downturn is behind us, the COVID-19 pandemic is likely to continue to create headwinds in the global environment. We are confident in our ability to perform in FY21 and in the future, driven by the Win Strategy 3.0 as our business system," said Tom Williams, Chairman and Chief Executive Officer.