Parker-Hannifin forecasts annual profit above estimates on strong aerospace parts demand

Aug. 6 (Reuters) - Parker-Hannifin forecast annual profit above Wall Street estimates on Thursday, as the motion and control technologies manufacturer benefited from steady demand for its parts from aerospace and defense industries, sending the company's shares up about 7% premarket.

The supplier of components and systems used across military and commercial aircraft has benefited from steady defense demand alongside resilient aftermarket sales.

The aftermarket business involves selling replacement parts and maintenance products after the original equipment is sold, generating recurring, higher-margin revenue for industrial suppliers.

• CEO Jenny Parmentier said Parker expects fiscal 2027 to be a record year, supported by a broadening recovery in industrial markets and positive organic growth across all market verticals.
• The Mayfield Heights, Ohio-based company now expects adjusted 2027 profit between $34.25 and $35.25 per share, the midpoint of which is above analysts' estimate of $34.04, according to data compiled by LSEG.
• Fourth-quarter sales at the company's aerospace systems segment rose 13.4% to $1.90 billion.
• The company, which supplies airframes and engine components to Boeing and Airbus, posted adjusted per-share profit of $9.27 for the quarter ended June 30, above analysts' expectations of $8.27 per share.
• The company's total quarterly revenue rose to $5.76 billion, beating analysts' estimate of $5.57 billion.
• Parker's forecast for fiscal year 2027 excludes the pending acquisitions of Filtration Group and Circor's Commercial and Defense Aerospace business, it said.