- Parker-Hannifin Corporation’s unit (NYSE:PH) Parker Aerospace has received a five-year contract from the U.S. Army to provide product improvements and dedicated engineering services.
- Under the deal, Parker Aerospace will overhaul and upgrade the UH-60 Blackhawk hydraulic pump and flight control actuation of the U.S. Army.
- As a prime contractor, Parker Aerospace provides supply chain, engineering, and field service support for the UH-60 Blackhawk hydraulic pumps and flight control actuation.
- The agreement includes provisions for the firm-fixed-price (FFP) indefinite delivery indefinite quantity (IDIQ) for the Army’s aircraft.
- “Parker Aerospace is honored to participate in this outstanding partnership that leverages MRO aftermarket best practices and Parker’s integrated solutions to ensure high mission-ready capability rates,” said Austin Major, group vice president, business development and global support, Parker Aerospace.
- Earlier this month, the company reported third-quarter FY23 sales growth of 23.9% year-over-year to $5.06 billion and +12% on an organic basis, beating the consensus of $4.76 billion. Adjusted EPS improved to $5.93 from $4.38 a year ago. In FY23, Parker-Hannifin expects organic sales growth to be ~10%.
- Price Action: PH shares closed higher by 1.76% to $332.88 on Friday.
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