Parker-Hannifin Corporation PH reported impressive results for second-quarter fiscal 2019 (ended December 2018).Earnings/ RevenuesQuarterly adjusted earnings came in at $2.51 per share, up 16.7% year over year. The bottom line also outpaced the Zacks Consensus Estimate of $2.41. Parker-Hannifin Corporation Price, Consensus and EPS Surprise Parker-Hannifin Corporation Price, Consensus and EPS Surprise | Parker-Hannifin Corporation Quote Revenues for the fiscal second quarter were $3,472 million, up 3% year over year. The figure improved 6% organically. Moreover, the top line surpassed the consensus estimate of $3,453 million.Segmental Break-UpRevenues in the North American segment in the fiscal second quarter came in at $1,632.1 million, up 4.3% year over year.The company’s International top-line performance depreciated 2.5% to $1,223.6 million in the reported quarter.The Aerospace Systems segment generated revenues of $616.3 million, up 12.1% year over year.Costs/MarginsCost of sales in the fiscal second quarter was $2,602.3 million, up 1.5% year over year. Selling, general and administrative expenses were $394.3 million, down from $408.3 million incurred in the year-ago quarter. Adjusted operating margin in the quarter was 16.6%, up 170 basis points (bps) year over year.Balance Sheet/Cash FlowExiting the fiscal second quarter, Parker-Hannifin had cash and cash equivalents of $1,047.4 million, up from $1,024.8 million recorded as of Dec 31, 2017. At the end of the reported quarter, long-term debt was $4,303.3 million compared with $4,798.4 million as of Dec 31, 2017.In the first six months of fiscal 2019, the company generated $541 million cash from operating activities, up from $456.8 million witnessed in the comparable period last fiscal year. Capital expenditures totaled $94.4 million, down 34.8% year over year.OutlookParker-Hannifin intends to boost its near-term revenues and profitability on the back of its Win Strategy. Based on favorable market conditions, this Zacks Rank #3 (Hold) company has raised its earnings view for fiscal 2019 from $11.10-$11.70 to $11.35-$11.85 per share. However, organic revenue growth is predicted to lie in the 2-4% range, lower than the prior view of 2.5-5.3%.Stocks to Consider Some better-ranked stocks in the space are DXP Enterprises, Inc. DXPE, Colfax Corp. CFX and Graco Inc. GGG. While DXP Enterprises sports a Zacks Rank #1 (Strong Buy), Colfax and Graco carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.DXP Enterprises exceeded estimates thrice in the trailing four quarters, the average beat being 112.62%.Colfax surpassed estimates in each of the trailing four quarters, the average beat being 8.88%.Graco surpassed estimates twice in the trailing four quarters, the average beat being 5.44%.Looking for Stocks with Skyrocketing Upside?Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.See the pot trades we're targeting>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Colfax Corporation (CFX): Get Free Report Graco Inc. (GGG): Get Free Report Parker-Hannifin Corporation (PH): Get Free Report DXP Enterprises, Inc. (DXPE): Free Stock Analysis Report To read this article on Zacks.com click here.