Parker-Hannifin beats by $0.22, reports revs in-line; guides FY15 EPS in-line
Reports Q1 (Sep) earnings of $1.89 per share, excluding non-recurring items, $0.22 better than the Capital IQ Consensus Estimate of $1.67; revenues rose 1.4% year/year to $3.27 bln vs the $3.28 bln consensus.
Co issues in-line guidance for FY15, sees EPS of $7.45-8.05, excluding non-recurring items, vs. $7.67 Capital IQ Consensus Estimate.
"We are increasing our fiscal 2015 guidance to reflect strong first quarter performance moderated by what we anticipate to be the expected negative effect of foreign currency. Macroeconomic readings indicate some uncertainty in demand levels, particularly internationally. However, savings resulting from the timely and solid execution of our restructuring activities give us confidence that we can achieve our earnings outlook and deliver a record year. Reflecting confidence in our outlook, last week the Board approved a 31 percent increase in the quarterly dividend and a new share repurchase authorization. Our goal is to repurchase $2 billion to $3 billion in shares in the next 24 months."
Co issues in-line guidance for FY15, sees EPS of $7.45-8.05, excluding non-recurring items, vs. $7.67 Capital IQ Consensus Estimate.
"We are increasing our fiscal 2015 guidance to reflect strong first quarter performance moderated by what we anticipate to be the expected negative effect of foreign currency. Macroeconomic readings indicate some uncertainty in demand levels, particularly internationally. However, savings resulting from the timely and solid execution of our restructuring activities give us confidence that we can achieve our earnings outlook and deliver a record year. Reflecting confidence in our outlook, last week the Board approved a 31 percent increase in the quarterly dividend and a new share repurchase authorization. Our goal is to repurchase $2 billion to $3 billion in shares in the next 24 months."