Parker Hannifin F4Q26 Earnings Preview

研报英文原文证据摘录

Parker Hannifin F4Q26 Earnings Preview

d HSD orders growth in 4Q, helped by easier comps Style Exposure

than 3Q with Industrial up MSD-HSD and Aero up LDD-mid teens. Looking to

1Q, we think that Parker has a tough margin comp as North America Industrial last

year had some project wins at attractive margins, and margin mix benefit with

lower industrial OE/resilient aftermarket. Aero also had a 1Q26 with JV income

contributing 350bps with additional benefit from spares mix. We expect Parker 1Q

guide in the $7.90-$8.00 range assuming normal seasonality with organic growth

in the 4% range. While Aero trends are normalizing to HSD versus the DDs seen

over the past few years, we expect Industrial to accelerate this year, supported by

order/backlog trends, demonstrating the power of Parker portfolio, and numbers

to “grind higher” with visible earnings revisions expected in the back half

(Filtration Group and CIRCOR come into the fold, expected to add ~60c/~10c of The authors wish to thank Chandreyee

EPS respectively assuming calendar year end close), underpinned by best in class Sengupta, of the J.P. Morgan Global

execution, and we are long into the quarter. PH has outperformed the sector by 13% Research Center, for contributions to this

over the past three months, underperformed by 1% over the past six months, and report.

outperformed by 24% over the past year.

• Intra-quarter commentary. We caught up with the company intra-quarter.

Parker’s messaging is consistent. They are in the early stages of a broadening

out of the industrial recovery, with a gradual recovery entering FY27. On the

Aero side, long term guidance is in the HSD range and they expect to re-enter

that territory in FY27 following double-digit growth over the past four years.