Parker Hannifin raises fiscal 2022 guidance after record Q1

Mayfield Heights-based Parker Hannifin Corp. (NYSE: PH), the maker of motion and control technologies, reported record first-quarter sales and net income figures and raised its guidance for fiscal 2022.

The company on Nov. 4 reported fiscal 2022 first-quarter sales hit a first-quarter record of $3.76 billion, up 17 percent from sales of $3.23 billion in the first quarter of fiscal 2021. Net income also posted a first-quarter record, at $451.2 million, which was an increase of 41 percent from $319.8 million in the like quarter a year ago.

Fiscal 2022 first-quarter earnings per share were a record $3.45, also up 41 percent from $2.45 in the first quarter of fiscal 2021.

Parker chairman and CEO Tom Williams said in a statement, "Our performance demonstrated operational discipline and agility in a challenging manufacturing environment that coupled increased demand with labor and supply chain constraints."

The company said in its earnings release that it has increased guidance for earnings per share for the fiscal year ending June 30, 2022, to the range of $14.52-$15.22, or $16.95-$17.65 on an adjusted basis, assuming organic sales growth of 7-10 percent.

Parker previously expected earnings in the range of $14.08-$14.88 per share, or $16.20-$17 on an adjusted basis.

"Robust demand trends continue across nearly all of our end markets reinforcing our positive outlook for sales and earnings per share for this fiscal year," Williams said in the statement.