Parker-Hannifin Corp at Raymond James Institutional Investors Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Timothy Thein - Raymond James Financial, Inc. - Analyst : And that -- the margin discussion, short changes that the journey the company has been on, I can remember picking up Parker back in the stone ages. And I think your expectation, or the target was, I think, 12% and now you're talking 27%.

Question: Timothy Thein - Raymond James Financial, Inc. - Analyst : You touched on one of the enablers to the margin improvement or the margin profile that the company has is distribution. But I think from the outside, people hear distribution and they -- I don't know sometimes, I think that's kind of overlooked in terms of -- what -- walk us through what is a typical Parker distributor look like, kind of the dynamics, where we can go from there.

Question: Timothy Thein - Raymond James Financial, Inc. - Analyst : And the typical distributor sale. Is a lot of it should investors think about like kind of break fix activity? Is it ? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Question: Timothy Thein - Raymond James Financial, Inc. - Analyst : Yes. And where are we in terms of from a stocking levels, if you think about distributor network overall, are they -- is that kind of -- how do you think about that kind of complementing or working against the cycle.

Question: Timothy Thein - Raymond James Financial, Inc. - Analyst : Maybe we can talk about pricing. And you hit on the Win Strategy earlier, but strategic pricing has been, I think, kind of an element of going back to the first Win Strategy and.

Question: Timothy Thein - Raymond James Financial, Inc. - Analyst : You hit on one word that I'm sure no one is asking today, but on the eve of tariff Tuesday, what's the kind of the latest there?

Question: Timothy Thein - Raymond James Financial, Inc. - Analyst : I'll pause to see if anyone has some questions? Okay. Well maybe shift just to the demand outlook and just what your conversations with customers and distributors, maybe start with your largest market, aerospace.

Question: Timothy Thein - Raymond James Financial, Inc. - Analyst : On the -- to the extent that the aftermarket is the airframe customers, if you struggled with driving rate increases, it's obviously benefiting companies like Parker. Is there -- how should investors think about if and when we do get to that or normalized mix between (technical difficulty) and aftermarket. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Question: Timothy Thein - Raymond James Financial, Inc. - Analyst : And can you talk about on the military side, some of the work you've done from these public.

Question: Timothy Thein - Raymond James Financial, Inc. - Analyst : And from a -- you mentioned Meggitt, obviously, largest deal in Parker history whether in terms of operated quite a bit differently and just in terms of how that company was grew up and reformed relative to how Parker runs. Where are you in terms of.

Question: Timothy Thein - Raymond James Financial, Inc. - Analyst : Maybe just from the standpoint of the broader kind of industrial economy, you guys are as much of a bellwether as any in terms of just touching so many different verticals. What in the many years of you doing this and seeing how markets kind of develop, how does this one look? And how do you see, as you look across your key verticals that your traditional mobile customers, obviously, and some not great spot. How does that compare to ?

Question: Timothy Thein - Raymond James Financial, Inc. - Analyst : Got it. In terms of capital deployment, obviously, M&A has become a bigger and bigger part of the Parker story. What are you seeing just in terms of post-election, did you -- are you starting to see maybe signs that more properties coming ?

Question: Timothy Thein - Raymond James Financial, Inc. - Analyst : Within the aerospace vertical itself, do you think -- are there holes in the portfolio still or ?

Question: Timothy Thein - Raymond James Financial, Inc. - Analyst : Got it. Maybe just from a high level, there was a lot of kind of post in North America postelection optimism you saw it in some of the business surveys and time is going out, and it seems like a lot of that's kind of sputter. And so is your lens as a CFO, are there -- as you think about kind of the regulatory and the environment that we're in and all the uncertainties is, is it giving you more pause to say, maybe we wait to see what happens with tariffs or tax.