Overview

• Motion control tech firm's fiscal Q3 sales rose 11%, beating analyst expectations

• Adjusted EPS for fiscal Q3 rose 18%, beating analyst expectations

• Company raised full-year sales and EPS outlook, repurchased $275 mln of shares

Outlook

• Company raises full-year outlook, now sees reported sales growth of 7%

• Parker-Hannifin expects full-year adjusted EPS of $31.20

• Company forecasts full-year adjusted segment operating margin of 27.2%

Result Drivers

• AEROSPACE DEMAND - Record sales in Aerospace Systems segment driven by 22% commercial OEM growth and 14% aftermarket growth

• STRONG ORDER RATES - Company reported order rates up 9% overall, with 14% growth in Aerospace and positive growth in all reported businesses

• ASIA GROWTH - International segment sales led by Asia with 9.6% organic growth

Company press release: ID:nGNX4VzT1v

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q3 Sales	Beat	$5.50 bln	$5.40 bln (19 Analysts)
Q3 Adjusted EPS	Beat	$8.17	$7.83 (22 Analysts)
Q3 EPS		$7.06
Q3 Adjusted Net Income		$1.1 bln
Q3 Net Income		$900 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 20 "strong buy" or "buy", 7 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the industrial machinery & equipment peer group is "buy"

• Wall Street's median 12-month price target for Parker-Hannifin Corp is $1,050.00, about 10.8% above its April 29 closing price of $947.50

• The stock recently traded at 28 times the next 12-month earnings vs. a P/E of 28 three months ago

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