(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.