Parker-Hannifin’s third-quarter profit beats on aerospace strength
(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 (NYSE:BA) 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 (NYSE:PH) 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.
Should you invest $2,000 in BA right now?
With BA making headlines, savvy investors are asking: Is it truly valued fairly? In a market full of overpriced darlings, identifying true value can be challenging. InvestingPro's advanced AI algorithms have analyzed BA alongside thousands of other stocks to uncover hidden gems. These undervalued stocks, potentially including BA, could offer substantial returns as the market corrects. In 2024 alone, our AI identified several undervalued stocks that later surged by 30 or more. Is BA poised for similar growth? Don't miss the opportunity to find out.
