May 2 (Reuters) - Parker Hannifin ( PH ) raised its

annual profit forecast on Thursday, as the motion and control

technologies manufacturer benefited from strong demand for its

parts from the aerospace industry.

With healthy global travel trends, demand for commercial

aircraft has jumped, boosting orders at plane makers and in turn

pushing up sales at Parker's aerospace segment, which makes

electric power components, fuel systems and sensors.

Parker, which supplies to both Boeing ( BA ) and Airbus

, said its aerospace division saw sales surge 18% to

$1.4 billion in its third quarter ended March 31. The segment

saw orders jump 15% in the quarter.

The company now expects fiscal 2024 adjusted earnings

between $24.65 and $24.85 per share, compared with its

previously estimated range of $23.90 to $24.50. Analysts on

average expect annual profit per share of $24.43, according to

LSEG data.

The Cleveland, Ohio-based company said sales in North

America at its Diversified Industrial Segment, which sells parts

like pollution control systems and hydraulics to equipment

makers across sectors like construction, agriculture and marine,

decreased 5% to $2.2 billion.

Orders for the division were down 4% in North America, and

8% in international markets.

Parker's total sales rose slightly to $5.07 billion in the

third quarter, from $5.06 billion a year earlier, in line with

analysts' expectations.

Net income attributable to common shareholders stood at

$726.6 million, or $5.56 per share, up from $590.9 million, or

$4.54 per share, a year ago.