Looking back on gas and liquid handling stocks’ Q2 earnings, we examine this quarter’s best and worst performers, including Parker-Hannifin (NYSE:PH) and its peers.

Gas and liquid handling companies possess the technical know-how and specialized equipment to handle valuable (and sometimes dangerous) substances. Lately, water conservation and carbon capture–which requires hydrogen and other gasses as well as specialized infrastructure–have been trending up, creating new demand for products such as filters, pumps, and valves. On the other hand, gas and liquid handling companies are at the whim of economic cycles. Consumer spending and interest rates, for example, can greatly impact the industrial production that drives demand for these companies’ offerings.

The 12 gas and liquid handling stocks we track reported a mixed Q2. As a group, revenues missed analysts’ consensus estimates by 0.9%.

Inflation progressed towards the Fed’s 2% goal at the end of 2023, leading to strong stock market performance. On the other hand, 2024 has been a bumpier ride as the market switches between optimism and pessimism around rate cuts and inflation, and gas and liquid handling stocks have had a rough stretch. On average, share prices are down 5.2% since the latest earnings results.

Parker-Hannifin (NYSE:PH)

Founded in 1917, Parker Hannifin (NYSE:PH) is a manufacturer of motion and control systems for a wide variety of mobile, industrial and aerospace markets.

Parker-Hannifin reported revenues of $5.19 billion, up 1.8% year on year. This print exceeded analysts’ expectations by 2%. Overall, it was a strong quarter for the company with an impressive beat of analysts’ organic revenue estimates and a decent beat of analysts’ earnings estimates.

“We delivered an exceptionally strong fourth quarter capping another year of record performance,” said Chairman and Chief Executive Officer, Jenny Parmentier.

Interestingly, the stock is up 12% since reporting and currently trades at $575.35.

We think Parker-Hannifin is a good business, but is it a buy today? Read our full report here, it’s free.

Best Q2: Flowserve (NYSE:FLS)

Manufacturing the largest pump ever built for nuclear power generation, Flowserve (NYSE:FLS) manufactures and sells flow control equipment for various industries.

Flowserve reported revenues of $1.16 billion, up 7.1% year on year, outperforming analysts’ expectations by 2.4%. It was an exceptional quarter for the company with an impressive beat of analysts’ operating margin estimates and a solid beat of analysts’ earnings estimates.