Parker-Hannifin beats by $0.08, beats on revs; raises FY18 EPS guidance
- Reports Q2 (Dec) earnings of $2.15 per share, excluding non-recurring items, $0.08 better than the Capital IQ Consensus of $2.07; revenues rose 26.2% year/year to $3.37 bln vs the $3.33 bln Capital IQ Consensus.
- Co increases FY18 non-GAAP EPS guidance to $9.65-10.05 from $9.10-9.70; this compares to $9.79 Capital IQ Consensus Estimate.
- "Improved market conditions together with the ongoing benefits of implementing the new Win Strategy continue to deliver widespread improvements across our company...Sales were a second quarter record and increased 10% organically, while order rates increased 13% year-over-year. Solid margin performance continued."
- Outlook: "We see strong market conditions continuing into the second half of our fiscal year. We remain committed to driving operational improvements through our execution of the Win Strategy, progressing toward our stated long-term financial goals and delivering a record year."