Earnings Preview: Parker-Hannifin

by: theflyonthewall.com October 15, 2008 | about stocks: PH    

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Parker-Hannifin (PH) is expected to report Q1 earnings before market open Thursday, October 16, with a conference call scheduled for 10:00 am ET.

Guidance

Analysts are looking for EPS of $1.39 on revenue of $3.04B. The consensus range is $1.30 to $1.45 for EPS, and $2.92B to $3.18B for revenue, according to First Call. When the company reported its Q4 earnings it gave guidance for FY09 EPS. Parker-Hannifin expects FY09 EPS of $5.65 to $6.05 vs. consensus of $5.65. The company announced on October 1, that it has acquired three companies whose total sales for their most recently reported fiscal years approaches one half billion dollars. The company is remaining focused on executing its plans for growth throughout the current economic turbulence.

Analyst Views

Citigroup downgraded Parker-Hannifin to Hold from Buy on October 1. Citigroup lowered Machinery estimates and targets across the board citing the credit crunch and a slowdown in short cycle businesses, and the firm cited reduced expectations for its downgrade of the company.

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