Parker Hannifin rallied as the stock market opened Thursday on better-than-expected fiscal fourth-quarter earnings and revenue. Aspen Aerogels shares also stormed higher after surprising analysts with its second-quarter profit.
Parker Hannifin, the Cleveland-based diversified industrial conglomerate, reported early Thursday its fiscal fourth-quarter earnings grew 11% to $6.77 per share with revenue increasing 2% to $5.19 billion.
Parker Hannifin saw full-fiscal year EPS grow 18% to $25.44. The company also issued guidance for fiscal year 2025, expecting sales growth between 1.5%-4.5%, with organic sales growth of 2%-5%. In addition, Parker Hannifin projected fiscal 2025 earnings of $26.30-$27.00, which would represent a more than 3% profit increase.
Parker Hannifin stock surged 10% to 560.68 during market action on Thursday. On Wednesday, PH stock fell 1% to 512.50 during stock market trade. Parker Hannifin is in a flat base pattern with an official buy point of 570.15, according to MarketSurge analysis.
Parker Hannifin stock has a 79 Composite Rating out of 99. The stock also has a 69 Relative Strength Rating and a 93 EPS Rating.
Stock Market: Aspen Aerogels Surprises Wall Street
Meanwhile, Aspen Aerogels announced late Wednesday that Q2 EPS came in at 21 cents, up from a 22-cents-per-share loss a year ago. The company's revenue ballooned 144% to $117.8 million. Analysts expected earnings of 5 cents per share and sales of around $101 million.
ASPN also increased its 2024 outlook on Wednesday. The outfit predicts revenue around $390 million and earnings of 9 cents per share. The company's previous view was for $380 million in sales and EPS of 3 cents.
Aspen Aerogels manufactures gel-based insulation used primarily in the energy infrastructure and building materials markets. However, Aspen Battery Materials, the company's carbon aerogel segment, aims to increase the performance of lithium-ion battery cells to enable EV manufacturers to extend the driving range and reduce EV costs.
Aspen Aerogels has production contracts with General Motors to supply fabricated, multipart thermal barriers for use in the battery system of next-generation EVs. It also has entered into thermal barrier production contracts with Toyota and a battery cell joint venture between Stellantis, TotalEnergies and Mercedes-Benz, and Volkswagen Group-owned Audi.
The company's products are also currently used by myriad energy businesses. Customers include Exxon Mobil, NextEra Energy and TechnipFMC, according to Aspen Aerogels regulatory filings.
Aspen Aerogels shares gained 18% to 21.71 during stock market action Thursday. On Wednesday, ASPN fell 6% to 18.50.
Industrial stock Sealed Air also rallied around 10% early Thursday.
Please follow Kit Norton on X @KitNorton for more coverage.
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