Parker-Hannifin's Unit Gets 5-Year Contract From US Army To Provide Dedicated Engineering Services

Parker-Hannifin Corporation's unit 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.