Parker Hannifin Corporation (NYSE: PH), the global leader in motion
and control technologies, today reported results for the fiscal
2023 first quarter ended September 30, 2022. Fiscal 2023 first
quarter sales were a record at $4.23 billion, an increase of 12%,
compared with $3.76 billion in the first quarter of fiscal 2022.
Net income was $387.9 million compared with $451.2 million in the
prior year quarter. Adjusted net income was $615.5 million, an
increase of 11% compared with $556.7 million in the first quarter
of fiscal 2022. Earnings per share were $2.98 compared with $3.45
in the first quarter of fiscal 2022. Adjusted earnings per share
increased 11% to a record of $4.74 compared with $4.26 in the prior
year quarter. Fiscal 2023 year-to-date cash flow from operations
was $457.4 million, or 10.8% of sales, compared with $424.4
million, or 11.3% 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 of Meggitt plc and the related
divestiture of the Aircraft Wheel and Brake Division during the
first quarter of fiscal 2023.
“Our global team delivered yet another quarter of impressive
performance and we reached an important milestone by completing the
acquisition of Meggitt plc,” said Chairman and Chief Executive
Officer, Tom Williams. “Sales were an all-time quarterly record
despite currency headwinds as we had strong levels of organic
growth in every region. Adjusted total segment operating margin was
a first quarter record, increasing 70 basis points compared with
the prior year period. Our adjusted EBITDA margin increased 120
basis points year-over-year, and we achieved a first quarter record
for adjusted earnings per share. These results reflect the agility
of our team members and the continued actions we have taken to
strengthen our business under The Win Strategy™."
Segment ResultsDiversified Industrial Segment:
North American first quarter sales increased 19% to $2.13 billion
and operating income was $453.0 million compared with $333.7
million in the same period a year ago. On an adjusted basis, North
American operating income was $499.4 million, or 23.4% of sales, a
210 basis point increase compared with the prior year quarter.
International first quarter sales decreased 2% to $1.36 billion and
operating income was $293.9 million compared with $291.2 million in
the same period a year ago. On an adjusted basis, International
operating income was $312.8 million, or 23.1% of sales, a 30 basis
point increase compared with the prior year quarter.
Aerospace Systems Segment: First quarter sales increased 26% to
$746.0 million and operating income was $92.2 million compared with
$118.3 million in the same period a year ago. On an adjusted basis,
operating income was $148.1 million, or 19.9% of sales compared
with $131.0 million in the first quarter of fiscal 2022.
Parker reported the following orders for the quarter ending
September 30, 2022, compared with the same quarter a year
ago:· Orders increased 5% for total Parker· Orders increased 3% in
the Diversified Industrial North America businesses· Orders
increased 6% in the Diversified Industrial International
businesses· Orders increased 5% in the Aerospace Systems Segment on
a rolling 12-month average basis.*Aerospace orders increased
approximately 29% excluding sizable multi-year military orders in
the second quarter of fiscal 2021.
OutlookParker's outlook for the fiscal year
ending June 30, 2023 has been updated and now includes the
acquisition of Meggitt plc and the divestiture of the Aircraft
Wheel and Brake Division. The company expects fiscal 2023 organic
sales growth to be in the range of 4.5% to 7.5% and earnings per
share in the range of $12.85 to $13.55, or $18.60 to $19.30 on an
adjusted basis. A reconciliation of forecasted earnings per share
to adjusted forecasted earnings per share is included in the
financial tables of this press release.
Williams added, “The integration of Meggitt is well underway and
we are very excited about the synergies we can create from the
combination of two great companies. During fiscal 2023 we will
benefit from the addition of Meggitt as well as the past
acquisitions that have transformed our portfolio. These portfolio
changes, combined with our ability to capitalize on secular growth
trends and the Win Strategy 3.0, will position us to deliver
another record year in fiscal 2023 despite foreign currency
translation pressures. We continue to feel very positive about our
ability to achieve our fiscal 2027 targets."
NOTICE OF CONFERENCE CALL: Parker Hannifin's
conference call and slide presentation to discuss its fiscal 2023
first quarter 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 66
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. All exclude
acquisitions until they can be reflected in both the numerator and
denominator, and divestitures. Aerospace comparisons are rolling
12-month average computations. The total Parker orders number is
derived from a weighted average of the year-over-year quarterly %
change in orders for Diversified Industrial North America and
Diversified Industrial International, and the year-over-year
12-month rolling average of orders for the Aerospace Systems
Segment.
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; (e) EBITDA margin; (f) adjusted EBITDA margin and
(g) organic sales growth. The adjusted net income, earnings per
share, segment operating margin, adjusted 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. This press release also contains references to
EBITDA, EBITDA margin and adjusted EBITDA margin. EBITDA is defined
as earnings before interest, taxes, depreciation and amortization.
Although EBITDA, EBITDA margin and adjusted EBITDA margin are not
measures of performance calculated in accordance with GAAP, we
believe that they are useful to an investor in evaluating the
results of this quarter versus the prior 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 Forward-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: the
impact of the global outbreak of COVID-19 and governmental and
other actions taken in response; 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.
PARKER
HANNIFIN CORPORATION - SEPTEMBER 30, 2022 |
|
|
|
|
CONSOLIDATED STATEMENT OF INCOME |
|
|
|
|
(Unaudited) |
|
|
Three Months Ended September 30, |
(Dollars in
thousands, except per share amounts) |
|
|
2022 |
|
|
2021* |
Net sales |
|
|
$ |
4,232,775 |
|
|
$ |
3,762,809 |
Cost of sales |
|
|
|
2,795,456 |
|
|
|
2,504,382 |
Selling, general
and administrative expenses |
|
|
835,804 |
|
|
|
626,749 |
Interest expense |
|
|
|
117,794 |
|
|
|
59,350 |
Other (income) expense,
net |
|
|
|
(19,624 |
) |
|
|
583 |
Income before income
taxes |
|
|
|
503,345 |
|
|
|
571,745 |
Income taxes |
|
|
|
115,308 |
|
|
|
120,282 |
Net income |
|
|
|
388,037 |
|
|
|
451,463 |
Less: Noncontrolling
interests |
|
|
|
183 |
|
|
|
306 |
Net income
attributable to common shareholders |
|
$ |
387,854 |
|
|
$ |
451,157 |
|
|
|
|
|
|
*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 |
|
|
$ |
3.02 |
|
|
$ |
3.50 |
Diluted earnings per
share |
|
|
$ |
2.98 |
|
|
$ |
3.45 |
|
|
|
|
|
|
Average shares
outstanding during period - Basic |
|
|
128,425,002 |
|
|
|
128,726,721 |
Average shares
outstanding during period - Diluted |
|
|
129,942,408 |
|
|
|
130,827,971 |
|
|
|
|
|
|
|
|
|
|
|
|
CASH
DIVIDENDS PER COMMON SHARE |
|
|
|
|
(Unaudited) |
|
|
Three Months Ended September 30, |
(Amounts in dollars) |
|
|
|
2022 |
|
|
|
2021 |
Cash
dividends per common share |
|
$ |
1.33 |
|
|
$ |
1.03 |
|
|
|
|
|
|
RECONCILIATION OF ORGANIC GROWTH |
|
|
|
(Unaudited) |
|
Three Months Ended September 30, |
|
|
2022 |
|
2021 |
Sales growth - as
reported |
|
12.5% |
|
16.5% |
Adjustments: |
|
|
|
Acquisitions |
|
3.8% |
|
—% |
Divestitures |
|
(0.1)% |
|
—% |
Currency |
(5.4)% |
|
0.7% |
Organic sales
growth |
|
14.2% |
|
15.8% |
PARKER
HANNIFIN CORPORATION - SEPTEMBER 30, 2022 |
|
|
|
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO COMMON
SHAREHOLDERS TO ADJUSTED NET INCOME ATTRIBUTABLE TO COMMON
SHAREHOLDERS |
(Unaudited) |
|
Three Months Ended September 30, |
(Dollars in thousands) |
|
|
2022 |
|
|
|
2021 |
|
Net income
attributable to common shareholders |
$ |
387,854 |
|
|
$ |
451,157 |
|
Adjustments: |
|
|
|
Acquired intangible asset amortization expense |
|
87,014 |
|
|
|
79,771 |
|
Business realignment charges |
|
3,861 |
|
|
|
3,014 |
|
Integration costs to achieve |
|
|
11,991 |
|
|
|
1,202 |
|
Acquisition-related expenses |
|
160,258 |
|
|
|
52,199 |
|
Loss on deal-contingent forward contracts |
|
389,992 |
|
|
|
— |
|
Gain on sale of Aircraft Wheel and Brake divestiture |
|
(372,930 |
) |
|
|
— |
|
Amortization of inventory step-up to fair value |
|
18,358 |
|
|
|
— |
|
Tax effect of adjustments1 |
|
|
(70,855 |
) |
|
|
(30,641 |
) |
Adjusted
net income attributable to common shareholders |
$ |
615,543 |
|
|
$ |
556,702 |
|
|
|
|
|
|
RECONCILIATION OF EARNINGS PER DILUTED SHARE TO ADJUSTED
EARNINGS PER DILUTED SHARE |
(Unaudited) |
|
|
Three Months Ended September 30, |
(Amounts in dollars) |
|
|
|
2022 |
|
|
|
2021 |
|
Earnings
per diluted share |
|
$ |
2.98 |
|
|
$ |
3.45 |
|
Adjustments: |
|
|
|
|
Acquired intangible asset amortization expense |
|
|
0.67 |
|
|
|
0.61 |
|
Business realignment charges |
|
|
0.03 |
|
|
|
0.02 |
|
Integration costs to achieve |
|
|
0.09 |
|
|
|
0.01 |
|
Acquisition-related expenses |
|
|
1.24 |
|
|
|
0.40 |
|
Loss on deal-contingent forward contracts |
|
|
3.00 |
|
|
|
— |
|
Gain on sale of Aircraft Wheel and Brake divestiture |
|
|
(2.87 |
) |
|
|
— |
|
Amortization of inventory step-up to fair value |
|
|
0.14 |
|
|
|
— |
|
Tax effect of adjustments1 |
|
|
|
(0.54 |
) |
|
|
(0.23 |
) |
Adjusted
earnings per diluted share |
|
$ |
4.74 |
|
|
$ |
4.26 |
|
|
|
|
|
|
|
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 - SEPTEMBER 30, 2022 |
|
|
|
RECONCILIATION OF EBITDA TO ADJUSTED EBITDA |
|
|
|
(Unaudited) |
|
Three Months Ended September 30, |
(Dollars in thousands) |
|
|
2022 |
|
|
|
2021 |
|
Net
sales |
|
$ |
4,232,775 |
|
|
$ |
3,762,809 |
|
|
|
|
|
|
Net income |
|
$ |
388,037 |
|
|
$ |
451,463 |
|
Income taxes |
|
|
115,308 |
|
|
|
120,282 |
|
Depreciation |
|
|
66,967 |
|
|
|
65,751 |
|
Amortization |
|
|
87,014 |
|
|
|
79,771 |
|
Interest expense |
|
|
117,794 |
|
|
|
59,350 |
|
EBITDA |
|
|
775,120 |
|
|
|
776,617 |
|
Adjustments: |
|
|
|
|
Business realignment charges |
|
|
3,861 |
|
|
|
3,014 |
|
Integration costs to achieve |
|
11,991 |
|
|
|
1,202 |
|
Acquisition-related expenses |
|
|
160,258 |
|
|
|
52,199 |
|
Loss on deal-contingent forward contracts |
|
|
389,992 |
|
|
|
— |
|
Gain on sale of Aircraft Wheel and Brake divestiture |
|
|
(372,930 |
) |
|
|
— |
|
Amortization of inventory step-up to fair value |
|
|
18,358 |
|
|
|
— |
|
Adjusted
EBITDA |
|
$ |
986,650 |
|
|
$ |
833,032 |
|
|
|
|
|
|
EBITDA
margin |
|
|
18.3 |
% |
|
|
20.6 |
% |
Adjusted EBITDA
margin |
|
|
23.3 |
% |
|
|
22.1 |
% |
BUSINESS
SEGMENT INFORMATION |
|
|
|
(Unaudited) |
|
Three Months Ended September 30, |
(Dollars in thousands) |
|
|
2022 |
|
|
2021 |
Net
sales |
|
|
|
|
Diversified Industrial: |
|
|
|
|
North America |
|
$ |
2,131,760 |
|
$ |
1,793,715 |
International |
|
|
1,355,013 |
|
|
1,376,436 |
Aerospace Systems |
|
|
746,002 |
|
|
592,658 |
Total net
sales |
|
$ |
4,232,775 |
|
$ |
3,762,809 |
Segment operating
income |
|
|
|
|
Diversified Industrial: |
|
|
|
|
North America |
|
$ |
452,986 |
|
$ |
333,702 |
International |
|
|
293,940 |
|
|
291,176 |
Aerospace Systems |
|
|
92,151 |
|
|
118,251 |
Total
segment operating income |
|
839,077 |
|
|
743,129 |
Corporate general
and administrative expenses |
|
51,660 |
|
|
49,072 |
Income before
interest expense and other expense |
|
787,417 |
|
|
694,057 |
Interest expense |
|
|
117,794 |
|
|
59,350 |
Other expense |
|
|
166,278 |
|
|
62,962 |
Income before income
taxes |
|
$ |
503,345 |
|
$ |
571,745 |
|
|
|
|
|
PARKER
HANNIFIN CORPORATION - SEPTEMBER 30, 2022 |
|
|
|
RECONCILIATION OF SEGMENT OPERATING MARGINS TO ADJUSTED
SEGMENT OPERATING MARGINS |
(Unaudited) |
|
Three Months Ended September 30, |
(Dollars in thousands) |
|
|
2022 |
|
|
|
2021 |
|
Diversified Industrial
North America sales |
|
$ |
2,131,760 |
|
|
$ |
1,793,715 |
|
|
|
|
|
|
Diversified Industrial
North America operating income |
|
$ |
452,986 |
|
|
$ |
333,702 |
|
Adjustments: |
|
|
|
|
Acquired intangible asset amortization |
|
|
46,274 |
|
|
|
47,263 |
|
Business realignment charges |
|
|
133 |
|
|
|
953 |
|
Integration costs to achieve |
|
|
47 |
|
|
|
331 |
|
Adjusted
Diversified Industrial North America operating
income |
|
$ |
499,440 |
|
|
$ |
382,249 |
|
|
|
|
|
|
Diversified Industrial
North America operating margin |
|
|
21.2 |
% |
|
|
18.6 |
% |
Adjusted Diversified
Industrial North America operating margin |
|
|
23.4 |
% |
|
|
21.3 |
% |
|
|
|
|
|
(Unaudited) |
|
Three Months Ended September 30, |
(Dollars in thousands) |
|
|
2022 |
|
|
|
2021 |
|
Diversified Industrial
International sales |
|
$ |
1,355,013 |
|
|
$ |
1,376,436 |
|
|
|
|
|
|
Diversified Industrial
International operating income |
|
$ |
293,940 |
|
|
$ |
291,176 |
|
Adjustments: |
|
|
|
|
Acquired intangible asset amortization |
|
|
16,805 |
|
|
|
19,742 |
|
Business realignment charges |
|
|
1,879 |
|
|
|
2,064 |
|
Integration costs to achieve |
|
|
139 |
|
|
|
871 |
|
Adjusted Diversified
Industrial International operating income |
|
$ |
312,763 |
|
|
$ |
313,853 |
|
|
|
|
|
|
Diversified Industrial
International operating margin |
|
|
21.7 |
% |
|
|
21.2 |
% |
Adjusted Diversified
Industrial International operating margin |
|
|
23.1 |
% |
|
|
22.8 |
% |
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
Three Months Ended September 30, |
(Dollars in thousands) |
|
|
2022 |
|
|
|
2021 |
|
Aerospace Systems
sales |
|
$ |
746,002 |
|
|
$ |
592,658 |
|
|
|
|
|
|
Aerospace Systems
operating income |
|
$ |
92,151 |
|
|
$ |
118,251 |
|
Adjustments: |
|
|
|
|
Acquired intangible asset amortization |
|
|
23,935 |
|
|
|
12,766 |
|
Business realignment charges |
|
|
1,849 |
|
|
|
(3 |
) |
Integration costs to achieve |
|
|
11,805 |
|
|
|
— |
|
Amortization of inventory step-up to fair value |
|
|
18,358 |
|
|
|
— |
|
Adjusted Aerospace
Systems operating income |
|
$ |
148,098 |
|
|
$ |
131,014 |
|
|
|
|
|
|
Aerospace Systems
operating margin |
|
|
12.4 |
% |
|
|
20.0 |
% |
Adjusted Aerospace
Systems operating margin |
|
|
19.9 |
% |
|
|
22.1 |
% |
|
|
|
|
|
PARKER
HANNIFIN CORPORATION - SEPTEMBER 30, 2022 |
|
|
|
RECONCILIATION OF SEGMENT OPERATING MARGINS TO ADJUSTED
SEGMENT OPERATING MARGINS |
(Unaudited) |
|
Three Months Ended September 30, |
(Dollars in thousands) |
|
|
2022 |
|
|
|
2021 |
|
Total segment
sales |
|
$ |
4,232,775 |
|
|
$ |
3,762,809 |
|
|
|
|
|
|
Total segment
operating income |
|
$ |
839,077 |
|
|
$ |
743,129 |
|
Adjustments: |
|
|
|
|
Acquired intangible asset amortization |
|
|
87,014 |
|
|
|
79,771 |
|
Business realignment charges |
|
|
3,861 |
|
|
|
3,014 |
|
Integration costs to achieve |
|
|
11,991 |
|
|
|
1,202 |
|
Amortization of inventory step-up to fair value |
|
|
18,358 |
|
|
|
— |
|
Adjusted total segment
operating income |
|
$ |
960,301 |
|
|
$ |
827,116 |
|
|
|
|
|
|
Total segment
operating margin |
|
|
19.8 |
% |
|
|
19.7 |
% |
Adjusted total segment
operating margin |
|
|
22.7 |
% |
|
|
22.0 |
% |
PARKER
HANNIFIN CORPORATION - SEPTEMBER 30, 2022 |
|
|
|
|
CONSOLIDATED BALANCE SHEET |
|
|
|
|
|
(Unaudited) |
|
September 30, |
|
June 30, |
|
September 30, |
(Dollars in thousands) |
|
|
2022 |
|
|
2022 |
|
|
2021 |
Assets |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
502,307 |
|
$ |
535,799 |
|
$ |
478,582 |
Marketable securities and
other investments |
|
|
19,504 |
|
|
27,862 |
|
|
40,160 |
Trade accounts receivable,
net |
|
|
2,649,166 |
|
|
2,341,504 |
|
|
2,109,648 |
Non-trade and notes
receivable |
|
|
374,177 |
|
|
543,757 |
|
|
315,571 |
Inventories |
|
|
3,130,182 |
|
|
2,214,553 |
|
|
2,264,725 |
Prepaid expenses and
other |
|
|
492,491 |
|
|
6,383,169 |
|
|
422,588 |
Total current
assets |
|
|
7,167,827 |
|
|
12,046,644 |
|
|
5,631,274 |
Property, plant and equipment,
net |
|
|
2,753,607 |
|
|
2,122,758 |
|
|
2,223,534 |
Deferred income taxes |
|
|
125,604 |
|
|
110,585 |
|
|
145,972 |
Investments and other
assets |
|
|
1,135,728 |
|
|
788,057 |
|
|
800,211 |
Intangible assets, net |
|
|
8,388,011 |
|
|
3,135,817 |
|
|
3,426,540 |
Goodwill |
|
|
10,384,130 |
|
|
7,740,082 |
|
|
8,009,340 |
Total
assets |
|
$ |
29,954,907 |
|
$ |
25,943,943 |
|
$ |
20,236,871 |
|
|
|
|
|
|
|
Liabilities and
equity |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Notes payable and long-term
debt payable within one year |
|
$ |
1,725,077 |
|
$ |
1,724,310 |
|
$ |
302,309 |
Accounts payable, trade |
|
|
2,018,209 |
|
|
1,731,925 |
|
|
1,636,272 |
Accrued payrolls and other
compensation |
|
|
462,075 |
|
|
470,132 |
|
|
341,355 |
Accrued domestic and foreign
taxes |
|
|
230,899 |
|
|
250,292 |
|
|
279,173 |
Other accrued liabilities |
|
|
1,062,448 |
|
|
1,682,659 |
|
|
724,134 |
Total current
liabilities |
|
|
5,498,708 |
|
|
5,859,318 |
|
|
3,283,243 |
Long-term debt |
|
|
12,238,900 |
|
|
9,755,825 |
|
|
6,263,941 |
Pensions and other
postretirement benefits |
|
|
770,032 |
|
|
639,939 |
|
|
997,392 |
Deferred income taxes |
|
|
1,778,074 |
|
|
307,044 |
|
|
568,369 |
Other liabilities |
|
|
895,789 |
|
|
521,897 |
|
|
618,081 |
Shareholders' equity |
|
|
8,762,521 |
|
|
8,848,011 |
|
|
8,490,781 |
Noncontrolling interests |
|
|
10,883 |
|
|
11,909 |
|
|
15,064 |
Total liabilities and
equity |
|
$ |
29,954,907 |
|
$ |
25,943,943 |
|
$ |
20,236,871 |
|
|
|
|
|
|
|
PARKER
HANNIFIN CORPORATION - SEPTEMBER 30, 2022 |
|
|
CONSOLIDATED STATEMENT
OF CASH FLOWS |
|
|
|
|
(Unaudited) |
|
Three Months Ended September 30, |
(Dollars in thousands) |
|
|
2022 |
|
|
|
2021 |
|
Cash flows from
operating activities: |
|
|
|
|
Net income |
|
$ |
388,037 |
|
|
$ |
451,463 |
|
Depreciation and
amortization |
|
|
153,981 |
|
|
|
145,522 |
|
Share incentive plan
compensation |
|
|
65,018 |
|
|
|
57,666 |
|
Gain on sale of business |
|
|
(372,930 |
) |
|
|
— |
|
Gain on disposal of property,
plant and equipment |
|
|
(4,287 |
) |
|
|
(30 |
) |
(Gain) loss on marketable
securities |
|
|
(1,361 |
) |
|
|
804 |
|
Gain on investments |
|
|
(1,957 |
) |
|
|
(200 |
) |
Net change in receivables,
inventories and trade payables |
|
|
(30,792 |
) |
|
|
(137,074 |
) |
Net change in other assets and
liabilities |
|
|
24,371 |
|
|
|
(87,118 |
) |
Other, net |
|
|
237,278 |
|
|
|
(6,674 |
) |
Net cash provided by
operating activities |
|
|
457,358 |
|
|
|
424,359 |
|
Cash flows from
investing activities: |
|
|
|
|
Acquisitions (net of cash of
$89,704 in 2022) |
|
|
(7,146,110 |
) |
|
|
— |
|
Capital expenditures |
|
|
(83,555 |
) |
|
|
(48,203 |
) |
Proceeds from sale of
property, plant and equipment |
|
|
11,107 |
|
|
|
7,751 |
|
Proceeds from sale of
businesses |
|
|
441,340 |
|
|
|
— |
|
Purchases of marketable
securities and other investments |
|
|
(7,687 |
) |
|
|
(7,456 |
) |
Maturities and sales of
marketable securities and other investments |
|
|
16,467 |
|
|
|
5,312 |
|
Payments of deal-contingent
forward contracts |
|
|
(1,405,418 |
) |
|
|
— |
|
Other |
|
|
246,438 |
|
|
|
649 |
|
Net cash used in
investing activities |
|
|
(7,927,418 |
) |
|
|
(41,947 |
) |
Cash flows from
financing activities: |
|
|
|
|
Net payments for common stock
activity |
|
|
(66,682 |
) |
|
|
(244,731 |
) |
Net proceeds from (payments
for) debt |
|
|
1,586,181 |
|
|
|
(595 |
) |
Financing fees paid |
|
|
(8,754 |
) |
|
|
(42,703 |
) |
Dividends paid |
|
|
(171,176 |
) |
|
|
(132,921 |
) |
Net cash provided by
(used in) financing activities |
|
|
1,339,569 |
|
|
|
(420,950 |
) |
Effect of exchange rate
changes on cash |
|
|
(15,078 |
) |
|
|
(997 |
) |
Net decrease in cash, cash
equivalents and restricted cash |
|
|
(6,145,569 |
) |
|
|
(39,535 |
) |
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 |
|
$ |
502,307 |
|
|
$ |
693,582 |
|
|
|
|
|
|
|
|
PARKER
HANNIFIN CORPORATION - SEPTEMBER 30, 2022 |
|
RECONCILIATION OF FORECASTED EARNINGS PER DILUTED SHARE TO
ADJUSTED FORECASTED EARNINGS PER DILUTED SHARE |
|
|
(Unaudited) |
|
(Amounts in dollars) |
Fiscal Year 2023 |
Forecasted
earnings per diluted share |
$12.85 to $13.55 |
Adjustments: |
|
Business realignment charges |
0.27 |
Costs to achieve |
0.54 |
Acquisition-related intangible asset amortization expense |
4.00 |
Acquisition-related expenses |
2.54 |
Loss on deal-contingent forward contracts |
3.00 |
Gain on Aircraft Wheel & Brake divestiture |
(2.87) |
Tax effect of adjustments1 |
(1.73) |
Adjusted
forecasted earnings per diluted share |
$18.60 to $19.30 |
|
|
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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