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Parker-Hannifin Raises Dividend by 17% as Some Risks Remain

Parker-Hannifin Corporation (PH) is a global leader in motion and control technologies for the mobile, industrial and aerospace markets.

The company generated 83% of its revenue from its diversified industrial segment and 17% of its revenue from its aerospace systems segment during the quarter ended December 31, 2020. The largest revenue generator was its filtration and engineered materials segment, which generated about 34% of its total revenue.

In terms of geographic diversification, the company generated 63% of its revenue from North America, 20% of its revenue from Europe, 16% of its revenue from the Asia-Pacific region and the remainder from Latin America during the quarter.

Strong FQ2 Financial Results

Parker-Hannifin reported fiscal second-quarter revenue that fell by 2.6% to $3.41 billion, beating consensus estimates by $200 million, along with non-GAAP earnings of $3.44 per share, beating consensus estimates by 86 cents. Looking ahead, management increased its earnings guidance to $12.15 per share as reported, or $13.90 per share adjusted.

Analysts have a mixed opinion of the company following its latest earnings announcement. JPMorgan says that risks appear weighted more to the downside at the current valuation, whereas Deutsche Bank sees a growing risk of supply chain constraints and a possible price/cost margin pinch as the recovery continues.

The company raised its quarterly dividend by 17% to $1.03 per share, which represents a 1.31% forward yield. The dividend is payable on June 4, 2021, to shareholders on record as of May 7, 2021.

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