Jan 29 (Reuters) - Parker-Hannifin PH.N raised its full-year profit forecast on Thursday, driven by strong aerospace demand and continued growth in its filtration business amid rising needs for cleaner air and water.
Shares of the Mayfield Heights, Ohio-based company were up 5% in premarket trading.
Parker's $9.25 billion acquisition of air and liquid filtration systems maker Filtration Group also expanded its presence in the aftermarket business.
The aftermarket business refers to sales of replacement parts and maintenance products after the original equipment has been sold, providing recurring revenue streams for industrial suppliers seeking stable, higher-margin income.
Parker CEO Jenny Parmentier said the company was raising its full-year outlook "on the strength of robust aerospace demand and a continued gradual recovery in our industrial markets".
The company now expects adjusted 2026 profit between $30.40 per share and $31.00 per share, compared with its prior forecast of $29.60 and $30.40 per share.
Parker, which supplies airframes and engine components to Boeing BA.N and Airbus AIR.PA, posted a second-quarter adjusted profit per share of $7.65, compared with $6.53 per share a year earlier.
The company's total revenue for the quarter ended December 31 was $5.17 billion, up from $4.74 billion a year earlier.
Sales at the company's aerospace systems segment rose 14.5% to $1.71 billion.
(Reporting by Megavarshini G. Somasundaram in Bengaluru; Editing by Krishna Chandra Eluri)
((Megavarshini.SomasundaramGnanasundari@thomsonreuters.com;))