Parker-Hannifin's third-quarter profit beats on aerospace strength
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E-mail(Reuters) -Parker-Hannifin reported a third-quarter profit on Thursday that beat analysts' estimates on the back of steady demand for aircraft parts and components.
The company, which supplies airframes and engine components to Boeing and Airbus, is benefiting from a surge in demand as planemakers ramp up production.
A shortage of new jets has also prompted airlines to fly older aircraft that need more maintenance, boosting the need for replacement parts.
On an adjusted basis, Parker-Hannifin earned $6.94 per share in the third quarter, compared with analysts' average expectation of $6.72, according to data compiled by LSEG.
Sales at the company's aerospace segment rose 11.6% to $1.57 billion. Total revenue fell about 2% to $4.96 billion, compared with estimates of $4.99 billion.
(Reporting by Utkarsh Shetti in Bengaluru; Editing by Shounak Dasgupta)
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