|Bid||0.00 x 1100|
|Ask||0.00 x 1400|
|Day's Range||205.46 - 212.05|
|52 Week Range||140.82 - 212.05|
|Beta (5Y Monthly)||1.57|
|PE Ratio (TTM)||18.28|
|Earnings Date||Jan 30, 2020|
|Forward Dividend & Yield||3.52 (1.68%)|
|1y Target Est||201.00|
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Although seven of the eight LORD Corporation’s officers are out, its new parent sees growth for Cary.
(Bloomberg Opinion) -- Emerson Electric Co. may have dodged a proxy fight, but it can’t avoid an earnings slump.The maker of air-conditioner components and automation equipment said Tuesday that it would add the former chief executive officer of Flowserve Corp. to its board and pledged to complete a review of its operations by February. The moves are meant to be a balm for activist investor D.E. Shaw & Co., which has called for more aggressive cost cuts, corporate governance improvements and a breakup. A lack of tangible commitments and deadlines in Emerson’s agreement to consider the activist’s recommendations likely contributed to a notably feisty letter from D.E. Shaw last month that blasted what it described as a bloated budget, including a corporate aviation department with no fewer than eight jets, a helicopter and its own intern.Emerson’s new board member, Mark Blinn, was CEO of Flowserve from 2009 to 2017. He’s not a household name, and Flowserve underperformed the S&P 500 Index during his tenure, but he was one of four candidates D.E. Shaw recommended, according to Bloomberg News. As such, the activist said Tuesday that it would back the company’s slate. According to D.E. Shaw, Emerson has also committed to reviewing how it pays its executives and will seek shareholder approval to amend its charter so that directors are elected annually. There was no update on those corporate jets in the earnings materials released Tuesday morning, although a conference call is scheduled for later this afternoon.Emerson’s concessions to D.E. Shaw are wise; it’s not in a position to pick a fight now. Also on Tuesday, the company released disappointing guidance for its 2020 fiscal year and predicted the coming U.S. presidential election, continued trade tensions and increased restructuring by manufacturers would leave investment decisions stalled. “We are planning for a challenging economic environment,” CEO David Farr said in the news release. This was a notably more downbeat outlook on the economy than other industrial companies have given this earnings season and contrasts with Parker-Hannifin Corp.’s prediction last week that its own sales slump would bottom out in the middle of its 2020 fiscal year. Emerson’s guidance for $3.48 to $3.72 in adjusted earnings per share implies a decline compared with last year’s numbers on the same basis. Sales may slump as much as 2%, excluding the impact of currency swings and M&A. With numbers like that, Emerson’s goal of achieving $4.50 in EPS by 2021 would be a significant stretch. Emerson said it will “reset” its long-term guidance as part of its February update. What’s troubling is that Emerson’s 2020 outlook doesn’t appear to reflect many benefits from the $95 million it spent cutting costs over the past year to adjust its operations to the downturn, Gordon Haskett analyst John Inch wrote in a report on Tuesday. That’s key because cost cuts sit at the crux of D.E. Shaw’s argument for a higher stock price. Analysts have pushed back on D.E. Shaw’s estimate of more than $1 billion in excess costs at Emerson, noting that some of the activist investor’s margin comparisons are unfair because many of the company’s rivals strip out restructuring, pension expenses and other expenses. In response, Emerson provided additional details about its pension and stock compensation costs for its most recent results. But it also moved to an adjusted earnings outlook after previously giving its forecast on a GAAP basis except in certain circumstances. The company says this is because 2020 restructuring actions will be determined as part of the board’s review and the guidance will be updated in February to reflect that. Let’s hope that’s true and that D.E. Shaw’s push doesn’t have the unfortunate side effect of yet another industrial company becoming addicted to earnings adjustments.To contact the author of this story: Brooke Sutherland at email@example.comTo contact the editor responsible for this story: Daniel Niemi at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brooke Sutherland is a Bloomberg Opinion columnist covering deals and industrial companies. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Days after the $3.7 billion buyout of Cary-based LORD closed, Parker-Hannifin Corporation execs touted the deal on a call with analysts.
Parker-Hannifin (PH) delivered earnings and revenue surprises of 4.55% and 0.63%, respectively, for the quarter ended September 2019. Do the numbers hold clues to what lies ahead for the stock?
- First quarter sales were $3.33 billion; organic sales declined 3% - First quarter EPS were $2.60 as reported, or $2.76 adjusted- First quarter total segment operating.
Ohio-based manufacturer Parker-Hannifin Corporation (NYSE: PH) has completed its $3.7 billion buyout of Cary-based LORD Corporation. In a notice Tuesday, the company said an “integration team” has been formed to enable a smooth transition “and to realize synergies between the two organizations.” “We are excited about the opportunity to strengthen our technology portfolio by significantly bolstering our position in engineered materials,” stated Tom Williams, Chairman and Chief Executive Officer of Parker in a release. “Acquiring LORD is expected to improve operating margins and its organic growth rate will help improve the resiliency of the Parker portfolio, strengthening our ability to achieve top quartile financial performance.” The all-cash deal, announced in April, was centered on the Cary team, LORD CEO Ed Auslander said in an interview earlier this year.
The transaction is expected to drive significant value for shareholders through increased organic growth, higher EBITDA margins, stronger cash flow and add to Parker’s earnings per share, excluding one-time costs and deal related amortization. LORD will strengthen Parker’s portfolio of attractive margin and high growth businesses, and significantly expand Parker’s materials science capabilities with complementary products, better positioning Parker to serve customers in growth industries and capitalize on emerging trends such as electrification and lightweighting. “We are excited about the opportunity to strengthen our technology portfolio by significantly bolstering our position in engineered materials,” said Tom Williams, Chairman and Chief Executive Officer of Parker.
Strength in OEM and MRO businesses in commercial and military end markets is likely to have boosted Parker-Hannifin's (PH) fiscal first-quarter earnings.
CLEVELAND, Oct. 25, 2019 -- Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today announced that it is scheduled to present at the.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Parker-Hannifin Corporation and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. Insider Monkey finished processing more than 730 13F filings submitted by hedge funds and prominent investors. These filings show these funds' portfolio positions as of June […]
Parker-Hannifin (PH) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
CLEVELAND, Oct. 23, 2019 -- Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today announced that its Board of Directors has.
Parker Hannifin Corporation (PH), the global leader in motion and control technologies, today announced that it will release its fiscal 2020 first quarter earnings before the market opens on Thursday, October 31, 2019, followed by a conference call at 11:00 a.m., Eastern time. During the call, the company will discuss fiscal 2020 first quarter results and respond to questions from institutional investors and security analysts. The conference call will be webcast simultaneously on Parker's investor information website at www.phstock.com with an accompanying slide presentation. Parker Hannifin is a Fortune 250 global leader in motion and control technologies. For more than 100 years the company has engineered the success of its customers in a wide range of diversified industrial and aerospace markets. Parker has increased its annual dividend per share paid to shareholders for 63 consecutive fiscal years, among the top five longest-running dividend-increase records in the S&P 500 index. Learn more at www.parker.com or @parkerhannifin.
In 2015 Thomas Williams was appointed CEO of Parker-Hannifin Corporation (NYSE:PH). First, this article will compare...