PH Parker Hannifin Corp

   By Dave Sebastian 
 

Parker-Hannifin Corp. (PH) lowered its earnings guidance for fiscal 2020 to reflect the impact of the closing of the LORD Corp. and Exotic Metals Forming acquisitions.

For the year ending June 30, the company said it expects to earn $8.53 a share to $9.33 a share, compared with its previous guidance of $11.38 a share to $12.18 a share.

On an adjusted basis, it sees earnings of $10.10 a share to $10.90 a share, compared with its prior outlook of $11.50 a share to $12.30 a share.

Parker-Hannifin said it sees organic sales to decline 4.5% to 7.5%.

The company said it expects to record business realignment expenses of about $40 million and one-time acquisition expenses of about $200 million.

Parker-Hannifin shares declined 3.12% in premarket trading.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

October 31, 2019 08:45 ET (12:45 GMT)

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