April 30 (Reuters) - Parker-Hannifin raised its full-year profit forecast on Thursday after reporting better-than-expected third-quarter results, driven by strong demand for its aerospace and motion control products.
The company, which supplies airframes and engine components to Boeing and Airbus, also benefited from resilient aftermarket sales.
Selling replacement parts and maintenance products after the original equipment is sold generates recurring, higher-margin revenue for industrial suppliers.
The Mayfield Heights, Ohio-based company said it now expects adjusted 2026 profit of $31.20 per share, up from its previous forecast range of $30.40 to $31.00 per share.
Sales in the aerospace systems segment rose more than 15% to $1.81 billion in the reported quarter.
Parker-Hannifin posted adjusted per share profit of $8.17 in the third quarter, above analysts' expectation of $7.83 per share.
The company's total revenue for the quarter ended March 31 was $5.49 billion, up from $4.96 billion a year earlier. Analysts on average expected revenue of $5.40 billion.
(Reporting by Megavarshini G. Somasundaram in Bengaluru; Editing by Pooja Desai)
