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Parker Hannifin Corp PH Stock Quote

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Morningstar‘s Stock Analysis PH

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Parker Hannifin Posts Solid Fiscal Q4 Performance, but the Stock No Longer Looks Cheap to Us

Joshua Aguilar Senior Analyst

Business Strategy and Outlook

| Joshua Aguilar |

Parker Hannifin is a well-run diversified industrial conglomerate with exposure to a wide variety of end markets. Over time, we believe the firm can achieve its goals of outpacing industrial production and margin expansion on the heels of its newest Win Strategy and large acquisitions of Lord, Exotic Metals, and Meggitt (expected to close in the fiscal first quarter of 2023). We believe part of Parker’s strength lies in its broad range of motion and control technologies with a wide variety of applications, including hydraulics and pneumatics, fluid and gas handling, and sealing. According to Parker representatives, about 85% of the revenue from these technologies has intellectual property protection, which we believe helps cement Parker’s competitive position, given the long product lifecycles and low reinvestment needs of this business. Parker's acquisitions brought in technologies that filled major gaps in its existing portfolio, including in filtration, engineered materials, and vibration technologies. With these acquisitions, Parker gains an even stronger foothold in the highly attractive higher-margin aftermarket.

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Business Description

Parker Hannifin is an industrial conglomerate operating two segments: diversified industrial, which serves a variety of end markets, and aerospace systems, which sells engine and actuation components. The diversified industrial segment consists of six groups, including engineered materials (sealing devices), filtration (filters and systems monitoring and removing contaminants from liquids and gases), fluid connectors (valves, couplings, and other fittings), instrumentation (flow manufacturing components and fluid control applications), and motion systems (hydraulic, pneumatic, and electromechanical components in industrial machinery and equipment).

6035 Parkland Boulevard
Cleveland, OH, 44124-4141
T +1 216 896-3000
Industry Specialty Industrial Machinery
Most Recent Earnings Jun 30, 2022
Fiscal Year End Jun 30, 2023
Employees 55,090

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