Parker Hannifin's stock soared 5.03% during intraday trading on Thursday, following the release of better-than-expected fiscal second-quarter results and an upward revision to the company's full-year outlook.
The motion and control technologies company reported adjusted earnings per share of $7.65 for the quarter, significantly beating analyst estimates of $7.17. Revenue also exceeded expectations, reaching $5.17 billion compared to the estimated $5.07 billion, representing a 9% year-over-year increase.
The strong performance was driven by robust demand in the aerospace sector, with the company's aerospace systems segment recording a 14.5% sales increase. Parker Hannifin also announced the acquisition of Filtration Group Corporation to expand its aftermarket business presence in life sciences, HVAC/R, and industrial markets. Based on these results, the company raised its fiscal 2026 adjusted EPS guidance to $30.40-$31.00 from the previous range of $29.60-$30.40, and increased its sales growth outlook to 5.5%-7.5% from 4%-7%.
Comments