Parker Hannifin Earnings: Set Up Strong for Remainder of Fiscal Year and Beyond

Following our review of narrow-moat-rated Parker Hannifin’s fiscal third-quarter results, nothing materially alters our fundamental long-term view. Parker paced slightly ahead of our expectations for revenue (1.5% variance) and adjusted EPS (about a 4% variance). However, the impact of the quarterly beat and its implications in management’s guidance was minimal on our valuation. We've raised our fair value estimate to $333 per share from $328, but that’s only due to the time value of money.