Parker Hannifin Withdraws FY20 Earnings Outlook - Quick Facts

(RTTNews) - While reporting its third-quarter financial results on Thursday, Parker Hannifin Corp. (PH) said it is withdrawing its earnings guidance for fiscal year 2020 as the current COVID-19 environment makes it difficult to forecast results with a reasonable amount of accuracy.

The company expects that the months ahead will be much more challenging as April order trends have become more negative with the current global economy.

"As a result, we have been comprehensive in taking immediate cost reduction and cash preservation actions that include global salary reductions and reduced work schedules, a global hiring freeze, deferral of annual merit increases, targeted restructuring, elimination of discretionary spending, optimizing working capital and reducing capital expenditures, all of which will help us mitigate the financial impact of a drop off in demand," said Tom Williams, Chairman and Chief Executive Officer of Parker Hannifin.