Parker-Hannifin boosts profit forecast on strong aerospace demand

Parker-Hannifin

31/10/2024 13:01

Oct 31 (Reuters) - Parker-Hannifin  PH.N  raised its
full year profit forecast after posting a quarterly profit that
exceeded Wall Street estimates on Thursday, driven by strong
demand for its parts in the aerospace segment.
    Aerospace suppliers are benefiting from a surge in product
orders against a strong travel demand backdrop, even as the
industry struggles with persistent supply chain issues.   
    Parker, which supplies aerospace parts such as airframes and
engine components to planemakers including Boeing  BA.N  and
Airbus  AIR.PA , reported an adjusted first-quarter profit of
$6.20 per share, surpassing analysts' average estimate of $6.14,
according to LSEG data.
    The company's aerospace segment saw sales rise to $1.45
billion, compared to the $1.23 billion it posted a year ago. 
    The Cleveland, Ohio-based company now expects full-year 2025
adjusted earnings per share between $26.35 and $27.05, up from
its previous estimate of $26.30 to $27.00.
    Parker said its updated outlook reflects recent divestitures
in its Diversified Industrial Segment, but also warned of
near-term pressure in some industrial markets.
    Total sales rose about 1.2% to $4.9 billion, largely in line
with analysts' expectations. 

 (Reporting by Utkarsh Shetti in Bengaluru; Editing by Tasim
Zahid)
 ((UtkarshUmesh.Shetti@thomsonreuters.com;))