Parker Hannifin Corporation (NYSE: PH), the global leader in motion
and control technologies, today reported results for the fiscal
2023 fourth quarter ended June 30, 2023. Fiscal 2023 fourth
quarter sales were a record at $5.1 billion, an increase of 22%,
compared with $4.2 billion in the fourth quarter of fiscal 2022.
Net income was $709.0 million compared with $128.8 million in the
prior year quarter. Adjusted net income was $791.4 million, an
increase of 18% compared with $671.5 million in the fourth quarter
of fiscal 2022. Earnings per share were $5.44 compared with $0.99
in the fourth quarter of fiscal 2022. Adjusted earnings per share
increased 18% to a record of $6.08 compared with $5.16 in the prior
year quarter.
For the full year, fiscal 2023 sales were a record at $19.1
billion, an increase of 20%, compared with $15.9 billion in fiscal
2022. Fiscal 2023 net income was $2.1 billion compared with $1.3
billion in fiscal 2022. Fiscal 2023 adjusted net income was a
record at $2.8 billion compared with $2.4 billion in the prior
year. Fiscal 2023 earnings per share were $16.04 compared with
$10.09 in fiscal 2022. On an adjusted basis, fiscal 2023 full year
earnings per share increased 15% to a record of $21.55 compared
with $18.72 in the prior year. Fiscal 2023 cash flow from
operations increased 22% to $3.0 billion, or 15.6% of sales
compared with $2.4 billion, or 15.4% of sales, in the prior year. A
reconciliation of non-GAAP measures is included in the financial
tables of this press release and includes various expenses
associated with the completion of the acquisition and divestitures
during fiscal 2023.
“Our fourth quarter performance represents a strong finish to an
outstanding year in which our global team continued to deliver
great results,” said Chief Executive Officer Jenny Parmentier. “In
the quarter, we achieved records for sales, adjusted segment
operating margin, adjusted earnings per share and had strong cash
flow generation. Of note was the strength of our aerospace
business, which achieved substantial growth in sales and segment
operating income. Fiscal 2023 was a record year highlighted by
ongoing operational improvements and the continued transformation
of our portfolio through the acquisition of Meggitt.”
Segment ResultsDiversified Industrial Segment:
North American fourth quarter sales increased 10% to $2.3 billion
and operating income was $490.8 million compared with $430.1
million in the same period a year ago. On an adjusted basis, North
American operating income was $540.6 million, or 23.5% of sales, a
60 basis point increase compared with the fourth quarter of fiscal
2022. International fourth quarter sales increased 6% to $1.5
billion and operating income was $309.4 million compared with
$296.8 million in the same period a year ago. On an adjusted basis,
International operating income was $352.1 million, or 23.3% of
sales, a 90 basis point increase compared with the prior year
quarter.
Aerospace Systems Segment: Fourth quarter sales increased 90% to
$1.3 billion and operating income was $327.6 million compared with
$149.4 million in the same period a year ago. On an adjusted basis,
operating income was $331.4 million, or 25.8% of sales, a 160 basis
point increase compared with the prior year quarter.
OrdersThe company reported the following orders
for the quarter ending June 30, 2023, compared with the same
quarter a year ago:
- Orders increased 3% for total Parker
- Orders decreased 8% in the Diversified Industrial North America
businesses
- Orders decreased 1% in the Diversified Industrial International
businesses
- Orders increased 28% in the Aerospace Systems Segment on a
rolling 12-month average basis.
OutlookParker announced its outlook for the
fiscal year ending June 30, 2024. The company expects total sales
growth in fiscal 2024 to be in the range of 3% to 6%; total segment
operating margin in the range of 19.7% to 20.1%, or 23.0% to 23.4%
on an adjusted basis; and earnings per share in the range of $18.05
to $19.05, or $21.90 to $22.90 on an adjusted basis.
Reconciliations of forecasted segment operating margin to adjusted
forecasted segment operating margin and forecasted earnings per
share to adjusted forecasted earnings per share are included in the
financial tables of this press release.
Parmentier added, “We enter fiscal 2024 on a great foundation
with opportunities to accelerate our performance through execution
of the Win Strategy™ 3.0, Parker's business system. Our fiscal
2024 guidance reflects continued progress toward our fiscal 2027
financial targets. Our confidence in reaching those targets is
supported by the strength of our portfolio, synergies from the
integration of Meggitt, and secular growth trends. These drivers
will continue to accelerate our top quartile performance. Parker
has a very bright future.”
NOTICE OF CONFERENCE CALL: Parker Hannifin's
webcast to discuss its fiscal 2023 fourth quarter and full year
results are available to all interested parties via live webcast
today at 11:00 a.m. ET, at www.phstock.com. A replay of the webcast
will be available on the site approximately one hour after the
completion of the call and will remain available for one year. To
register for e-mail notification of future events please visit
www.phstock.com.
About Parker HannifinParker Hannifin is a
Fortune 250 global leader in motion and control technologies. For
more than a century the company has been enabling engineering
breakthroughs that lead to a better tomorrow. Parker has increased
its annual dividend per share paid to shareholders for 67
consecutive fiscal years, among the top five longest-running
dividend-increase records in the S&P 500 index. Learn more at
www.parker.com or @parkerhannifin.
Note on ReclassificationEffective July 1, 2022,
the company began classifying certain expenses, previously
classified as cost of sales, as selling, general and administrative
expenses (“SG&A”) or within other (income) expense, net. During
the integration of recently acquired businesses, the company has
seen diversity in practice of the classifications of certain
expenses, and the reclassification was made to better align the
presentation of expenses on the Consolidated Statement of Income
with management’s internal reporting. The expenses reclassified
from cost of sales to SG&A relate to certain administrative
activities conducted in production facilities and research and
development. Foreign currency transaction expense was also
reclassified from cost of sales to other (income) expense, net on
the Consolidated Statement of Income. These reclassifications had
no impact on net income, earnings per share, cash flows, segment
reporting or the financial position of the Company and were
retrospectively applied to all periods presented in the financial
tables of this press release.
Note on OrdersOrders provide near-term
perspective on the company's outlook, particularly when viewed in
the context of prior and future quarterly order rates. However,
orders are not in themselves an indication of future performance.
All comparisons are at constant currency exchange rates, with the
prior year restated to the current-year rates. Beginning in the
third quarter of fiscal 2023, all comparisons include acquisitions
in both the numerator and denominator and exclude divestitures.
Diversified Industrial comparisons are on 3-month average
computations and Aerospace Systems comparisons are rolling 12-month
average computations.
Note on Net IncomeNet income referenced in this
press release is equal to net income attributable to common
shareholders.
Note on Non-GAAP Financial MeasuresThis press
release contains references to non-GAAP financial information
including (a) adjusted net income; (b) adjusted earnings per share;
(c) adjusted segment operating margins; (d) adjusted segment
operating income; and (e) organic sales growth. The adjusted net
income, earnings per share, segment operating margin, segment
operating income and organic sales measures are presented to allow
investors and the company to meaningfully evaluate changes in net
income, earnings per share and segment operating margins on a
comparable basis from period to period. Comparable descriptions of
record adjusted results in this release refer only to the period
from the first quarter of FY2011 to the periods presented in this
release. This period coincides with recast historical financial
results provided in association with our FY2014 change in segment
reporting. A reconciliation of non-GAAP measures is included in the
financial tables of this press release.
Forward-Looking StatementsForward-looking
statements contained in this and other written and oral reports are
made based on known events and circumstances at the time of
release, and as such, are subject in the future to unforeseen
uncertainties and risks. Often but not always, these statements may
be identified from the use of forward-looking terminology such as
“anticipates,” “believes,” “may,” “should,” “could,” “expects,”
“targets,” “is likely,” “will,” or the negative of these terms and
similar expressions, and include all statements regarding future
performance, earnings projections, events or developments. Neither
Parker nor any of its respective associates or directors, officers
or advisers, provides any representation, assurance or guarantee
that the occurrence of the events expressed or implied in any
forward-looking statements will actually occur. Parker cautions
readers not to place undue reliance on these statements. It is
possible that the future performance and earnings projections of
the company, including its individual segments, may differ
materially from past performance or current expectations.
Among other factors which may affect future performance are:
changes in business relationships with and purchases by or from
major customers, suppliers or distributors, including delays or
cancellations in shipments; disputes regarding contract terms or
significant changes in financial condition, changes in contract
cost and revenue estimates for new development programs and changes
in product mix; ability to identify acceptable strategic
acquisition targets; uncertainties surrounding timing, successful
completion or integration of acquisitions and similar transactions,
including the integration of Meggitt PLC; the ability to
successfully divest businesses planned for divestiture and realize
the anticipated benefits of such divestitures; the determination to
undertake business realignment activities and the expected costs
thereof and, if undertaken, the ability to complete such activities
and realize the anticipated cost savings from such activities;
ability to implement successfully business and operating
initiatives, including the timing, price and execution of share
repurchases and other capital initiatives; availability, cost
increases of or other limitations on our access to raw materials,
component products and/or commodities if associated costs cannot be
recovered in product pricing; ability to manage costs related to
insurance and employee retirement and health care benefits; legal
and regulatory developments and changes; compliance costs
associated with environmental laws and regulations; potential
supply chain and labor disruptions, including as a result of labor
shortages; threats associated with international conflicts and
efforts to combat terrorism and cyber security risks; uncertainties
surrounding the ultimate resolution of outstanding legal
proceedings, including the outcome of any appeals; local and global
political and competitive market conditions, including global
reactions to U.S. trade policies, and resulting effects on sales
and pricing; and global economic factors, including manufacturing
activity, air travel trends, currency exchange rates, difficulties
entering new markets and general economic conditions such as
inflation, deflation, interest rates (including fluctuations
associated with any potential credit rating decline) and credit
availability; inability to obtain, or meet conditions imposed for,
required governmental and regulatory approvals; changes in consumer
habits and preferences; government actions, including the impact of
changes in the tax laws in the United States and foreign
jurisdictions and any judicial or regulatory interpretation
thereof; and large scale disasters, such as floods, earthquakes,
hurricanes, industrial accidents and pandemics. Readers should
consider these forward-looking statements in light of risk factors
discussed in Parker’s Annual Report on Form 10-K for the fiscal
year ended June 30, 2022 and other periodic filings made with the
SEC.
Contact: |
Media
- |
|
|
Aidan Gormley -
Director, Global Communications and Branding |
216-896-3258 |
|
aidan.gormley@parker.com |
|
|
|
|
|
Financial
Analysts - |
|
|
Jeff Miller -
Vice President, Investor Relations |
216-896-2708 |
|
jeffrey.miller@parker.com |
|
PARKER
HANNIFIN CORPORATION - JUNE 30, 2023 |
|
|
|
|
CONSOLIDATED STATEMENT OF INCOME |
|
|
|
|
|
|
|
(Unaudited) |
|
Three Months Ended June 30, |
|
Twelve Months Ended June 30, |
(Dollars in
thousands, except per share amounts) |
|
2023 |
|
|
2022* |
|
|
2023 |
|
|
2022* |
Net sales |
|
$ |
5,095,943 |
|
|
$ |
4,187,832 |
|
|
$ |
19,065,194 |
|
|
$ |
15,861,608 |
Cost of sales |
|
|
3,262,860 |
|
|
|
2,768,925 |
|
|
|
12,635,892 |
|
|
|
10,550,309 |
Selling, general
and administrative expenses |
|
834,940 |
|
|
|
650,956 |
|
|
|
3,354,103 |
|
|
|
2,504,061 |
Interest expense |
|
|
157,176 |
|
|
|
71,270 |
|
|
|
573,894 |
|
|
|
255,252 |
Other (income) expense,
net |
|
|
(62,228 |
) |
|
|
578,513 |
|
|
|
(178,359 |
) |
|
|
937,760 |
Income before income
taxes |
|
|
903,195 |
|
|
|
118,168 |
|
|
|
2,679,664 |
|
|
|
1,614,226 |
Income taxes |
|
|
194,117 |
|
|
|
(10,738 |
) |
|
|
596,128 |
|
|
|
298,040 |
Net income |
|
|
709,078 |
|
|
|
128,906 |
|
|
|
2,083,536 |
|
|
|
1,316,186 |
Less: Noncontrolling
interests |
|
|
122 |
|
|
|
75 |
|
|
|
600 |
|
|
|
581 |
Net income
attributable to common shareholders |
$ |
708,956 |
|
|
$ |
128,831 |
|
|
$ |
2,082,936 |
|
|
$ |
1,315,605 |
|
|
|
|
|
|
|
|
|
*Prior period
amounts have been reclassified to reflect the income statement
reclassification, as described in the attached press release. |
|
|
|
|
|
|
|
|
|
Earnings
per share attributable to common shareholders: |
|
|
|
|
|
|
|
Basic earnings per share |
|
$ |
5.52 |
|
|
$ |
1.00 |
|
|
$ |
16.23 |
|
|
$ |
10.24 |
Diluted earnings per
share |
|
$ |
5.44 |
|
|
$ |
0.99 |
|
|
$ |
16.04 |
|
|
$ |
10.09 |
|
|
|
|
|
|
|
|
|
Average shares
outstanding during period - Basic |
|
128,440,007 |
|
|
|
128,510,429 |
|
|
|
128,367,842 |
|
|
|
128,539,387 |
Average shares
outstanding during period - Diluted |
|
130,222,542 |
|
|
|
130,172,735 |
|
|
|
129,822,085 |
|
|
|
130,355,943 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH
DIVIDENDS PER COMMON SHARE |
|
|
|
|
|
|
|
(Unaudited) |
|
Three Months Ended June 30, |
|
Twelve Months Ended June 30, |
(Amounts in dollars) |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
Cash
dividends per common share |
$ |
1.48 |
|
|
$ |
1.33 |
|
|
$ |
5.47 |
|
|
$ |
4.42 |
|
|
|
|
|
|
|
|
|
RECONCILIATION OF ORGANIC GROWTH |
|
|
|
|
|
|
|
(Unaudited) |
|
Three Months Ended June 30, |
|
Twelve Months Ended June 30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Sales growth - as
reported |
|
21.7 |
% |
|
5.8 |
% |
|
20.2 |
% |
|
10.6 |
% |
Adjustments: |
|
|
|
|
|
|
|
Acquisitions |
|
16.3 |
% |
|
— |
% |
|
13.1 |
% |
|
— |
% |
Divestitures |
|
(0.6 |
)% |
|
— |
% |
|
(0.4 |
)% |
|
— |
% |
Currency |
(0.4 |
)% |
|
(4.2 |
)% |
|
(3.0 |
)% |
|
(1.7 |
)% |
Organic sales
growth |
|
6.4 |
% |
|
10.0 |
% |
|
10.5 |
% |
|
12.3 |
% |
PARKER
HANNIFIN CORPORATION - JUNE 30, 2023 |
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO COMMON
SHAREHOLDERS TO ADJUSTED NET INCOME ATTRIBUTABLE TO COMMON
SHAREHOLDERS |
(Unaudited) |
|
Three Months Ended June 30, |
|
Twelve Months Ended June 30, |
(Dollars in thousands) |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net income
attributable to common shareholders |
$ |
708,956 |
|
|
$ |
128,831 |
|
|
$ |
2,082,936 |
|
|
$ |
1,315,605 |
|
Adjustments: |
|
|
|
|
|
|
|
Acquired intangible asset amortization expense |
|
126,296 |
|
|
|
77,073 |
|
|
|
500,713 |
|
|
|
314,450 |
|
Business realignment charges |
|
9,226 |
|
|
|
4,946 |
|
|
|
26,706 |
|
|
|
14,757 |
|
Integration costs to achieve |
|
|
18,786 |
|
|
|
1,824 |
|
|
|
95,439 |
|
|
|
4,766 |
|
Acquisition-related expenses |
|
2,754 |
|
|
|
11,662 |
|
|
|
166,294 |
|
|
|
95,727 |
|
Loss on deal-contingent forward contracts |
|
— |
|
|
|
619,061 |
|
|
|
389,992 |
|
|
|
1,015,426 |
|
Net gain on divestitures |
|
— |
|
|
|
— |
|
|
|
(362,003 |
) |
|
|
— |
|
Amortization of inventory step-up to fair value |
|
(57,992 |
) |
|
|
— |
|
|
|
109,981 |
|
|
|
— |
|
Russia liquidation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
20,057 |
|
Meggitt early debt retirement |
|
|
9,999 |
|
|
|
— |
|
|
|
9,999 |
|
|
|
— |
|
Tax effect of adjustments1 |
|
|
(26,613 |
) |
|
|
(171,921 |
) |
|
|
(222,379 |
) |
|
|
(340,258 |
) |
Adjusted
net income attributable to common shareholders |
$ |
791,412 |
|
|
$ |
671,476 |
|
|
$ |
2,797,678 |
|
|
$ |
2,440,530 |
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF EARNINGS PER DILUTED SHARE TO ADJUSTED
EARNINGS PER DILUTED SHARE |
(Unaudited) |
|
Three Months Ended June 30, |
|
Twelve Months Ended June 30, |
(Amounts in dollars) |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Earnings
per diluted share |
$ |
5.44 |
|
|
$ |
0.99 |
|
|
$ |
16.04 |
|
|
$ |
10.09 |
|
Adjustments: |
|
|
|
|
|
|
|
Acquired intangible asset amortization expense |
|
0.97 |
|
|
|
0.59 |
|
|
|
3.85 |
|
|
|
2.41 |
|
Business realignment charges |
|
0.07 |
|
|
|
0.04 |
|
|
|
0.20 |
|
|
|
0.11 |
|
Integration costs to achieve |
|
0.14 |
|
|
|
0.01 |
|
|
|
0.73 |
|
|
|
0.04 |
|
Acquisition-related expenses |
|
0.02 |
|
|
|
0.09 |
|
|
|
1.29 |
|
|
|
0.74 |
|
Loss on deal-contingent forward contracts |
|
— |
|
|
|
4.76 |
|
|
|
3.00 |
|
|
|
7.79 |
|
Net gain on divestitures |
|
— |
|
|
|
— |
|
|
|
(2.78 |
) |
|
|
— |
|
Amortization of inventory step-up to fair value |
|
(0.45 |
) |
|
|
— |
|
|
|
0.84 |
|
|
|
— |
|
Russia liquidation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.15 |
|
Meggitt early debt retirement |
|
|
0.08 |
|
|
|
— |
|
|
|
0.08 |
|
|
|
— |
|
Tax effect of adjustments1 |
|
|
(0.19 |
) |
|
|
(1.32 |
) |
|
|
(1.70 |
) |
|
|
(2.61 |
) |
Adjusted
earnings per diluted share |
$ |
6.08 |
|
|
$ |
5.16 |
|
|
$ |
21.55 |
|
|
$ |
18.72 |
|
|
|
|
|
|
|
|
|
|
1This line item
reflects the aggregate tax effect of all non-tax adjustments
reflected in the preceding line items of the table. We estimate the
tax effect of each adjustment item by applying our overall
effective tax rate for continuing operations to the pre-tax amount,
unless the nature of the item and/or the tax jurisdiction in which
the item has been recorded requires application of a specific tax
rate or tax treatment, in which case the tax effect of such item is
estimated by applying such specific tax rate or tax treatment. |
PARKER
HANNIFIN CORPORATION - JUNE 30, 2023 |
|
|
|
|
|
|
BUSINESS
SEGMENT INFORMATION |
|
|
|
|
|
|
|
(Unaudited) |
|
Three Months Ended June 30, |
|
Twelve Months Ended June 30, |
(Dollars in thousands) |
|
|
2023 |
|
|
|
2022 |
|
|
2023 |
|
|
2022 |
Net
sales |
|
|
|
|
|
|
|
|
Diversified Industrial: |
|
|
|
|
|
|
|
|
North America |
|
$ |
2,301,159 |
|
|
$ |
2,087,696 |
|
$ |
8,916,194 |
|
$ |
7,703,150 |
International |
|
|
1,512,272 |
|
|
|
1,423,924 |
|
|
5,789,499 |
|
|
5,638,896 |
Aerospace Systems |
|
|
1,282,512 |
|
|
|
676,212 |
|
|
4,359,501 |
|
|
2,519,562 |
Total net
sales |
|
$ |
5,095,943 |
|
|
$ |
4,187,832 |
|
$ |
19,065,194 |
|
$ |
15,861,608 |
Segment operating
income |
|
|
|
|
|
|
|
|
Diversified Industrial: |
|
|
|
|
|
|
|
|
North America |
|
$ |
490,823 |
|
|
$ |
430,142 |
|
$ |
1,853,079 |
|
$ |
1,515,259 |
International |
|
|
309,373 |
|
|
|
296,838 |
|
|
1,218,331 |
|
|
1,178,044 |
Aerospace Systems |
|
|
327,595 |
|
|
|
149,368 |
|
|
562,444 |
|
|
501,431 |
Total
segment operating income |
|
1,127,791 |
|
|
|
876,348 |
|
|
3,633,854 |
|
|
3,194,734 |
Corporate general
and administrative expenses |
|
83,336 |
|
|
|
70,635 |
|
|
229,677 |
|
|
219,699 |
Income before
interest expense and other expense |
|
1,044,455 |
|
|
|
805,713 |
|
|
3,404,177 |
|
|
2,975,035 |
Interest expense |
|
|
157,176 |
|
|
|
71,270 |
|
|
573,894 |
|
|
255,252 |
Other (income) expense,
net |
|
|
(15,916 |
) |
|
|
616,275 |
|
|
150,619 |
|
|
1,105,557 |
Income before income
taxes |
|
$ |
903,195 |
|
|
$ |
118,168 |
|
$ |
2,679,664 |
|
$ |
1,614,226 |
|
|
|
|
|
|
|
|
|
RECONCILIATION OF SEGMENT OPERATING MARGINS TO ADJUSTED
SEGMENT OPERATING MARGINS |
(Unaudited) |
|
Three Months Ended June 30, |
|
Twelve Months Ended June 30, |
(Dollars in thousands) |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Diversified Industrial
North America sales |
|
$ |
2,301,159 |
|
|
$ |
2,087,696 |
|
|
$ |
8,916,194 |
|
|
$ |
7,703,150 |
|
|
|
|
|
|
|
|
|
|
Diversified Industrial
North America operating income |
|
$ |
490,823 |
|
|
$ |
430,142 |
|
|
$ |
1,853,079 |
|
|
$ |
1,515,259 |
|
Adjustments: |
|
|
|
|
|
|
|
|
Acquired intangible asset amortization |
|
|
47,138 |
|
|
|
46,630 |
|
|
|
181,954 |
|
|
|
188,325 |
|
Business realignment charges |
|
|
1,792 |
|
|
|
670 |
|
|
|
4,024 |
|
|
|
2,638 |
|
Integration costs to achieve |
|
|
877 |
|
|
|
214 |
|
|
|
4,636 |
|
|
|
1,171 |
|
Adjusted Diversified
Industrial North America operating income |
|
$ |
540,630 |
|
|
$ |
477,656 |
|
|
$ |
2,043,693 |
|
|
$ |
1,707,393 |
|
|
|
|
|
|
|
|
|
|
Diversified Industrial
North America operating margin |
|
|
21.3 |
% |
|
|
20.6 |
% |
|
|
20.8 |
% |
|
|
19.7 |
% |
Adjusted Diversified
Industrial North America operating margin |
|
|
23.5 |
% |
|
|
22.9 |
% |
|
|
22.9 |
% |
|
|
22.2 |
% |
|
|
|
|
|
|
|
|
|
PARKER
HANNIFIN CORPORATION - JUNE 30, 2023 |
|
|
|
|
|
|
RECONCILIATION OF SEGMENT OPERATING MARGINS TO ADJUSTED
SEGMENT OPERATING MARGINS |
(Unaudited) |
|
Three Months Ended June 30, |
|
Twelve Months Ended June 30, |
(Dollars in thousands) |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Diversified Industrial
International sales |
|
$ |
1,512,272 |
|
|
$ |
1,423,924 |
|
|
$ |
5,789,499 |
|
|
$ |
5,638,896 |
|
|
|
|
|
|
|
|
|
|
Diversified Industrial
International operating income |
|
$ |
309,373 |
|
|
$ |
296,838 |
|
|
$ |
1,218,331 |
|
|
$ |
1,178,044 |
|
Adjustments: |
|
|
|
|
|
|
|
|
Acquired intangible asset amortization |
|
|
34,935 |
|
|
|
17,701 |
|
|
|
85,825 |
|
|
|
75,105 |
|
Business realignment charges |
|
|
7,385 |
|
|
|
4,282 |
|
|
|
19,617 |
|
|
|
11,149 |
|
Integration costs to achieve |
|
|
358 |
|
|
|
433 |
|
|
|
3,875 |
|
|
|
2,418 |
|
Russia liquidation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,257 |
|
Adjusted Diversified
Industrial International operating income |
|
$ |
352,051 |
|
|
$ |
319,254 |
|
|
$ |
1,327,648 |
|
|
$ |
1,272,973 |
|
|
|
|
|
|
|
|
|
|
Diversified Industrial
International operating margin |
|
|
20.5 |
% |
|
|
20.8 |
% |
|
|
21.0 |
% |
|
|
20.9 |
% |
Adjusted Diversified
Industrial International operating margin |
|
|
23.3 |
% |
|
|
22.4 |
% |
|
|
22.9 |
% |
|
|
22.6 |
% |
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
Three Months Ended June 30, |
|
Twelve Months Ended June 30, |
(Dollars in thousands) |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Aerospace Systems
sales |
|
$ |
1,282,512 |
|
|
$ |
676,212 |
|
|
$ |
4,359,501 |
|
|
$ |
2,519,562 |
|
|
|
|
|
|
|
|
|
|
Aerospace Systems
operating income |
|
$ |
327,595 |
|
|
$ |
149,368 |
|
|
$ |
562,444 |
|
|
$ |
501,431 |
|
Adjustments: |
|
|
|
|
|
|
|
|
Acquired intangible asset amortization |
|
|
44,223 |
|
|
|
12,742 |
|
|
|
232,934 |
|
|
|
51,020 |
|
Business realignment charges |
|
|
49 |
|
|
|
54 |
|
|
|
3,065 |
|
|
|
967 |
|
Integration costs to achieve |
|
|
17,551 |
|
|
|
1,177 |
|
|
|
86,928 |
|
|
|
1,177 |
|
Amortization of inventory step-up to fair value |
|
|
(57,992 |
) |
|
|
— |
|
|
|
109,981 |
|
|
|
— |
|
Russia liquidation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,570 |
|
Adjusted Aerospace
Systems operating income |
|
$ |
331,426 |
|
|
$ |
163,341 |
|
|
$ |
995,352 |
|
|
$ |
561,165 |
|
|
|
|
|
|
|
|
|
|
Aerospace Systems
operating margin |
|
|
25.5 |
% |
|
|
22.1 |
% |
|
|
12.9 |
% |
|
|
19.9 |
% |
Adjusted Aerospace
Systems operating margin |
|
|
25.8 |
% |
|
|
24.2 |
% |
|
|
22.8 |
% |
|
|
22.3 |
% |
|
|
|
|
|
|
|
|
|
PARKER
HANNIFIN CORPORATION - JUNE 30, 2023 |
|
|
|
|
|
|
RECONCILIATION OF SEGMENT OPERATING MARGINS TO ADJUSTED
SEGMENT OPERATING MARGINS |
(Unaudited) |
|
Three Months Ended June 30, |
|
Twelve Months Ended June 30, |
(Dollars in thousands) |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Total net
sales |
|
$ |
5,095,943 |
|
|
$ |
4,187,832 |
|
|
$ |
19,065,194 |
|
|
$ |
15,861,608 |
|
|
|
|
|
|
|
|
|
|
Total segment
operating income |
|
$ |
1,127,791 |
|
|
$ |
876,348 |
|
|
$ |
3,633,854 |
|
|
$ |
3,194,734 |
|
Adjustments: |
|
|
|
|
|
|
|
|
Acquired intangible asset amortization |
|
|
126,296 |
|
|
|
77,073 |
|
|
|
500,713 |
|
|
|
314,450 |
|
Business realignment charges |
|
|
9,226 |
|
|
|
5,006 |
|
|
|
26,706 |
|
|
|
14,754 |
|
Integration costs to achieve |
|
|
18,786 |
|
|
|
1,824 |
|
|
|
95,439 |
|
|
|
4,766 |
|
Amortization of inventory step-up to fair value |
|
|
(57,992 |
) |
|
|
— |
|
|
|
109,981 |
|
|
|
— |
|
Russia liquidation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12,827 |
|
Adjusted total segment
operating income |
|
$ |
1,224,107 |
|
|
$ |
960,251 |
|
|
$ |
4,366,693 |
|
|
$ |
3,541,531 |
|
|
|
|
|
|
|
|
|
|
Total segment
operating margin |
|
|
22.1 |
% |
|
|
20.9 |
% |
|
|
19.1 |
% |
|
|
20.1 |
% |
Adjusted total segment
operating margin |
|
|
24.0 |
% |
|
|
22.9 |
% |
|
|
22.9 |
% |
|
|
22.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PARKER
HANNIFIN CORPORATION - JUNE 30, 2023 |
|
|
CONSOLIDATED BALANCE SHEET |
|
|
|
(Unaudited) |
|
June 30, |
|
June 30, |
(Dollars in thousands) |
|
|
2023 |
|
|
2022 |
Assets |
|
|
|
|
Current
assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
475,182 |
|
$ |
535,799 |
Marketable securities and
other investments |
|
|
8,390 |
|
|
27,862 |
Trade accounts receivable,
net |
|
|
2,827,297 |
|
|
2,341,504 |
Non-trade and notes
receivable |
|
|
309,167 |
|
|
543,757 |
Inventories |
|
|
2,907,879 |
|
|
2,214,553 |
Prepaid expenses and
other |
|
|
306,314 |
|
|
6,383,169 |
Total current
assets |
|
|
6,834,229 |
|
|
12,046,644 |
Property, plant and equipment,
net |
|
|
2,865,030 |
|
|
2,122,758 |
Deferred income taxes |
|
|
81,429 |
|
|
110,585 |
Investments and other
assets |
|
|
1,104,576 |
|
|
788,057 |
Intangible assets, net |
|
|
8,450,614 |
|
|
3,135,817 |
Goodwill |
|
|
10,628,594 |
|
|
7,740,082 |
Total
assets |
|
$ |
29,964,472 |
|
$ |
25,943,943 |
|
|
|
|
|
Liabilities and
equity |
|
|
|
|
Current
liabilities: |
|
|
|
|
Notes payable and long-term
debt payable within one year |
|
$ |
3,763,175 |
|
$ |
1,724,310 |
Accounts payable, trade |
|
|
2,050,934 |
|
|
1,731,925 |
Accrued payrolls and other
compensation |
|
|
651,319 |
|
|
470,132 |
Accrued domestic and foreign
taxes |
|
|
374,571 |
|
|
250,292 |
Other accrued liabilities |
|
|
895,371 |
|
|
1,682,659 |
Total current
liabilities |
|
|
7,735,370 |
|
|
5,859,318 |
Long-term debt |
|
|
8,796,284 |
|
|
9,755,825 |
Pensions and other
postretirement benefits |
|
|
551,510 |
|
|
639,939 |
Deferred income taxes |
|
|
1,649,674 |
|
|
307,044 |
Other liabilities |
|
|
893,355 |
|
|
521,897 |
Shareholders' equity |
|
|
10,326,888 |
|
|
8,848,011 |
Noncontrolling interests |
|
|
11,391 |
|
|
11,909 |
Total liabilities and
equity |
|
$ |
29,964,472 |
|
$ |
25,943,943 |
|
|
|
|
|
PARKER
HANNIFIN CORPORATION - JUNE 30, 2023 |
CONSOLIDATED STATEMENT OF CASH FLOWS |
(Unaudited) |
|
Twelve Months Ended June 30, |
(Dollars in thousands) |
|
|
2023 |
|
|
|
2022 |
|
Cash flows from
operating activities: |
|
|
|
|
Net income |
|
$ |
2,083,536 |
|
|
$ |
1,316,186 |
|
Depreciation and
amortization |
|
|
818,129 |
|
|
|
571,764 |
|
Share incentive plan
compensation |
|
|
142,720 |
|
|
|
137,093 |
|
Gain on sale of
businesses |
|
|
(366,345 |
) |
|
|
(1,394 |
) |
Loss (gain) on disposal of
property, plant and equipment |
|
|
3,819 |
|
|
|
(5,727 |
) |
(Gain) loss on marketable
securities |
|
|
(1,486 |
) |
|
|
5,131 |
|
Gain on investments |
|
|
(4,690 |
) |
|
|
(3,972 |
) |
Net change in receivables,
inventories and trade payables |
|
|
128,000 |
|
|
|
(259,876 |
) |
Net change in other assets and
liabilities |
|
|
13,211 |
|
|
|
1,003,270 |
|
Other, net |
|
|
163,036 |
|
|
|
(320,745 |
) |
Net cash provided by
operating activities |
|
|
2,979,930 |
|
|
|
2,441,730 |
|
Cash flows from
investing activities: |
|
|
|
|
Acquisitions (net of cash of
$89,704 in 2023) |
|
|
(7,146,110 |
) |
|
|
— |
|
Capital expenditures |
|
|
(380,747 |
) |
|
|
(230,044 |
) |
Proceeds from sale of
property, plant and equipment |
|
|
13,244 |
|
|
|
39,353 |
|
Proceeds from sale of
businesses |
|
|
473,207 |
|
|
|
3,366 |
|
Purchases of marketable
securities and other investments |
|
|
(37,791 |
) |
|
|
(27,895 |
) |
Maturities and sales of
marketable securities and other investments |
|
|
56,786 |
|
|
|
31,809 |
|
Payments of deal-contingent
forward contracts |
|
|
(1,405,418 |
) |
|
|
— |
|
Other |
|
|
250,017 |
|
|
|
(235,426 |
) |
Net cash used in
investing activities |
|
|
(8,176,812 |
) |
|
|
(418,837 |
) |
Cash flows from
financing activities: |
|
|
|
|
Net payments for common stock
activity |
|
|
(293,847 |
) |
|
|
(457,225 |
) |
Net proceeds from debt |
|
|
40,470 |
|
|
|
5,001,345 |
|
Financing fees paid |
|
|
(13,605 |
) |
|
|
(58,629 |
) |
Dividends paid |
|
|
(704,054 |
) |
|
|
(569,855 |
) |
Net cash (used in)
provided by financing activities |
|
|
(971,036 |
) |
|
|
3,915,636 |
|
Effect of exchange rate
changes on cash |
|
|
(4,776 |
) |
|
|
(23,770 |
) |
Net (decrease) increase in
cash, cash equivalents and restricted cash |
|
|
(6,172,694 |
) |
|
|
5,914,759 |
|
Cash, cash equivalents and
restricted cash at beginning of year |
|
|
6,647,876 |
|
|
|
733,117 |
|
Cash, cash equivalents
and restricted cash at end of period |
|
$ |
475,182 |
|
|
$ |
6,647,876 |
|
|
|
|
|
|
|
|
|
PARKER
HANNIFIN CORPORATION - JUNE 30, 2023 |
|
RECONCILIATION OF FORECASTED SEGMENT OPERATING MARGIN TO
ADJUSTED FORECASTED SEGMENT OPERATING MARGIN |
|
|
|
(Unaudited) |
|
|
(Amounts in percentages) |
|
Fiscal Year 2024 |
Forecasted
segment operating margin |
19.7% to 20.1% |
Adjustments: |
|
Business realignment charges |
0.4% |
Costs to achieve |
|
0.2% |
Acquisition-related intangible asset amortization expense |
|
2.8% |
Adjusted
forecasted segment operating margin |
23.0% to 23.4% |
*Totals may not
foot due to rounding |
RECONCILIATION OF FORECASTED EARNINGS PER DILUTED SHARE TO
ADJUSTED FORECASTED EARNINGS PER DILUTED SHARE |
|
|
|
(Unaudited) |
|
|
(Amounts in dollars) |
|
Fiscal Year 2024 |
Forecasted
earnings per diluted share |
$18.05 to $19.05 |
Adjustments: |
|
Business realignment charges |
0.54 |
Costs to achieve |
|
0.27 |
Acquisition-related intangible asset amortization expense |
|
4.23 |
Tax effect of adjustments1 |
|
(1.19) |
Adjusted
forecasted earnings per diluted share |
$21.90 to $22.90 |
|
|
|
1This line item
reflects the aggregate tax effect of all non-tax adjustments
reflected in the preceding line items of the table. We estimate the
tax effect of each adjustment item by applying our overall
effective tax rate for continuing operations to the pre-tax amount,
unless the nature of the item and/or the tax jurisdiction in which
the item has been recorded requires application of a specific tax
rate or tax treatment, in which case the tax effect of such item is
estimated by applying such specific tax rate or tax treatment. |
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