It has been about a month since the last earnings report for Parker-Hannifin (PH). Shares have added about 7.4% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Parker-Hannifin due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. Parker-Hannifin Q4 Earnings Top Estimates, Decrease Y/YParker-Hannifin has reported better-than-expected earnings results for the fourth quarter of fiscal 2020 (ended Jun 30, 2020), with a beat of 73.5%. Also, its sales surpassed estimate by 10.2%.The company’s adjusted earnings were $2.55 per share in the quarter, surpassing the Zacks Consensus Estimate of $1.47. However, earnings declined 23% from the year-ago quarter’s $3.31 per share.For fiscal 2020, the company’s adjusted earnings were $10.79 per share, down 8.9% year over year.Revenue DetailsIn the quarter under review, the company’s net sales were $3,160.6 million, reflecting a 14.1% year-over-year decline. Organic sales in the quarter declined 21% year over year. Orders were down 22% in the quarter.Notably, the company’s top line surpassed the Zacks Consensus Estimate of $2,867 million.For fiscal 2020, net sales were $13,695.5 million, reflecting a 4.4% year-over-year decline.Parker-Hannifin reports revenues under two segments. A brief discussion on the quarterly results is provided below:The Diversified Industrial segment’s revenues totaled $2,536.7 million, representing 80.3% of net revenues in the quarter under review. On a year-over-year basis, the segment’s revenues decreased 15.5% year over year.It is worth mentioning that the segment’s revenues generated in North America totaled $1,440.2 million, decreasing 17.5% year over year. Also, the segment’s International revenues were $1,096.4 million, down 12.9% year over year. Orders in the quarter decreased 29% year over year for Diversified Industrial North America and that for Diversified Industrial International fell 21%.The Aerospace Systems segment generated revenues of $624 million, accounting for 19.7% of net revenues in the reported quarter. Sales fell 8% year over year. Orders in the quarter decreased 5% year over year.Margin ProfileIn the reported quarter, the company’s cost of sales decreased 14% year over year at $2,357.3 million. It represented 74.6% of the quarter’s net sales versus 74.4% in the year-ago quarter. Selling, general and administrative expenses decreased 9.8% year over year to $352.7 million. It represented 11.2% of net sales in the reported quarter versus 10.6% in the year-ago quarter.Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) in the quarter decreased 6.8% year over year to $646.2 million. Adjusted EBITDA margin expanded 160 bps to 20.4%. Interest expenses in the quarter increased 48.7% year over year to $74.5 million.Balance Sheet & Cash FlowExiting fiscal 2020, Parker-Hannifin had cash and cash equivalents of $685.5 million, down 1.7% from $697.6 million recorded in the last reported quarter. Long-term debt was down 5.5% sequentially to $7,652.3 million.In fiscal 2020, the company generated net cash of $2,070.9 million from operating activities, reflecting growth of 19.7% from the year-ago period. Capital spending totaled $232.6 million versus $195.1 million in the year-ago period.In fiscal 2020, the company paid out cash dividends of $453.8 million, up 10% on a year-over-year basis.OutlookParker-Hannifin intends to boost its near-term revenues and profitability on the back of its Win Strategy. For fiscal 2021 (ending June 2021), the company anticipates generating adjusted earnings of $9.80-$10.80 per share.How Have Estimates Been Moving Since Then?It turns out, fresh estimates flatlined during the past month. The consensus estimate has shifted 13.4% due to these changes.VGM ScoresCurrently, Parker-Hannifin has a strong Growth Score of A, a grade with the same score on the momentum front. However, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookParker-Hannifin has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.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 ParkerHannifin Corporation (PH): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research