Parker Hannifin Corporation (NYSE: PH), the global leader in motion
and control technologies, today reported results for the fiscal
2021 third quarter ended March 31, 2021. Fiscal 2021 third
quarter sales were $3.75 billion, compared with $3.70 billion in
the third quarter of fiscal 2020. Net income was an all-time
quarterly record at $471.6 million, an increase of 28% compared
with $367.3 million in the prior year quarter. Fiscal 2021 third
quarter earnings per share were also an all-time quarterly record
at $3.59, an increase of 27% compared with $2.83 in the third
quarter of fiscal 2020. Adjusted earnings per share increased 21%
to $4.11, compared with adjusted earnings per share of $3.39 in the
prior year quarter. Fiscal year-to-date cash flow from operations
was a third quarter record at $1.88 billion, reaching 18.1% of
sales, compared with $1.29 billion, or 12.3% of sales in the prior
year period. A reconciliation of non-GAAP measures is included in
the financial tables of this press release.
“In the third quarter, we delivered all-time quarterly records
for net income, EPS and segment operating margins,” said Chairman
and Chief Executive Officer, Tom Williams. “We also generated
record year-to-date cash from operations and continued to
accelerate the pay down of available debt, putting us in a very
strong financial position. Our results reflect sustainable
performance improvements across our business. These include
strengthening our portfolio through the effective integration and
accelerated synergies from our acquisitions. Broad-based execution
of The Win Strategy™ continues to drive improved profitability and
cash flow. Order rates increased by 6% in the third quarter,
reinforcing our view that demand is at a positive inflection
point.”
In the fiscal 2021 third quarter, the company made debt
repayments of $426 million, bringing the cumulative debt reduction
to approximately $3.2 billion over the last 17 months. Also during
the quarter, the company made share repurchases of $50 million
under its 10b5-1 share repurchase program. As announced last week,
Parker's Board of Directors declared an increase of 17% to the
quarterly cash dividend, which extends its long-standing record of
annual dividends per share paid to 65 consecutive fiscal years.
Segment ResultsDiversified Industrial Segment:
North American third quarter sales decreased 1% to $1.76 billion,
and operating income was $336.6 million, compared with $279.6
million in the same period a year ago. International third quarter
sales increased 17% to $1.39 billion, and operating income was
$274.4 million, compared with $177.0 million in the same period a
year ago.
Aerospace Systems Segment: Third quarter sales decreased 20% to
$598.9 million, and operating income was $102.3 million, compared
with $127.4 million in the same period a year ago.
Parker reported the following orders for the quarter ending
March 31, 2021, compared with the same quarter a year ago:
- Orders increased 6% for total Parker
- Orders increased 11% in the Diversified Industrial North
America businesses
- Orders increased 14% in the Diversified Industrial
International businesses
- Orders decreased 19% in the Aerospace Systems Segment on a
rolling 12-month average basis
OutlookFor the fiscal year ending June 30,
2021, the company has increased guidance for earnings per share to
the range of $12.96 to $13.26, or $14.65 to $14.95 on an adjusted
basis. Guidance assumes organic sales are flat compared with the
prior year. Fiscal year 2021 guidance is adjusted on a pre-tax
basis for expected business realignment expenses of approximately
$50 million, costs to achieve of approximately $13 million,
acquisition-related intangible asset amortization of approximately
$324 million and a gain on the sale of land of approximately $101
million. 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, “Our increased guidance reflects strong
year-to-date performance and a positive outlook for macroeconomic
conditions as we enter the fourth quarter of this fiscal year. My
thanks to our global team as they continue to execute the Win
Strategy and progress towards achieving our long-term financial
targets, positioning us among the top-quartile of our peer group of
diversified industrial companies.”
NOTICE OF CONFERENCE CALL: Parker
Hannifin's conference call and slide presentation to discuss its
fiscal 2021 third 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 65
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 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. 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 earnings per share; (b) adjusted total
segment operating margin; (c) EBITDA margin; and (d) adjusted
EBITDA margin. The adjusted earnings per share and total segment
operating margin measures are presented to allow investors and the
company to meaningfully evaluate changes in earnings per share and
total segment operating margin 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. 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. These statements may be identified from
the use of forward-looking terminology such as “anticipates,”
“believes,” “may,” “should,” “could,” “potential,” “continues,”
“plans,” “forecasts,” “estimates,” “projects,” “predicts,” “would,”
“intends,” “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. 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 current
expectations, depending on economic conditions within its mobile,
industrial and aerospace markets, and the company's ability to
maintain and achieve anticipated benefits associated with announced
realignment activities, strategic initiatives to improve operating
margins, actions taken to combat the effects of the current
economic environment, and growth, innovation and global
diversification initiatives. Additionally, the actual impact of
changes in tax laws in the United States and foreign jurisdictions
and any judicial or regulatory interpretation thereof on future
performance and earnings projections may impact the company’s tax
calculations. A change in the economic conditions in individual
markets may have a particularly volatile effect on segment
performance.
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
LORD Corporation or Exotic Metals; 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 capital allocation initiatives,
including timing, price and execution of share repurchases;
availability, limitations or cost increases of raw materials,
component products and/or commodities that cannot be recovered in
product pricing; ability to manage costs related to insurance and
employee retirement and health care benefits; compliance costs
associated with environmental laws and regulations; potential labor
disruptions; threats associated with and efforts to combat
terrorism and cyber-security risks; uncertainties surrounding the
ultimate resolution of outstanding legal proceedings, including the
outcome of any appeals; global 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
and credit availability. The company makes these statements as of
the date of this disclosure and undertakes no obligation to update
them unless otherwise required by law.
|
|
|
|
|
PARKER
HANNIFIN CORPORATION - MARCH 31, 2021 |
|
|
|
|
CONSOLIDATED STATEMENT OF INCOME |
|
|
|
|
|
|
|
(Unaudited) |
|
Three Months Ended March 31, |
|
Nine Months Ended March 31, |
(Dollars in
thousands, except per share amounts) |
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Net sales |
|
$ |
3,746,326 |
|
|
$ |
3,702,432 |
|
|
$ |
10,388,771 |
|
|
$ |
10,534,917 |
|
Cost of sales |
|
2,714,773 |
|
|
2,766,693 |
|
|
7,618,646 |
|
|
7,929,199 |
|
Selling, general
and administrative expenses |
386,831 |
|
|
413,460 |
|
|
1,113,254 |
|
|
1,303,760 |
|
Interest expense |
|
60,830 |
|
|
80,765 |
|
|
189,778 |
|
|
233,612 |
|
Other (income), net |
|
(13,460 |
) |
|
(12,643 |
) |
|
(122,066 |
) |
|
(73,713 |
) |
Income before income
taxes |
|
597,352 |
|
|
454,157 |
|
|
1,589,159 |
|
|
1,142,059 |
|
Income taxes |
|
125,619 |
|
|
86,788 |
|
|
348,212 |
|
|
231,051 |
|
Net income |
|
471,733 |
|
|
367,369 |
|
|
1,240,947 |
|
|
911,008 |
|
Less: Noncontrolling
interests |
|
86 |
|
|
116 |
|
|
585 |
|
|
383 |
|
Net income
attributable to common shareholders |
$ |
471,647 |
|
|
$ |
367,253 |
|
|
$ |
1,240,362 |
|
|
$ |
910,625 |
|
|
|
|
|
|
|
|
|
|
Earnings
per share attributable to common shareholders: |
|
|
|
|
|
|
|
Basic earnings per share |
|
$ |
3.65 |
|
|
$ |
2.86 |
|
|
$ |
9.62 |
|
|
$ |
7.09 |
|
Diluted earnings per
share |
|
$ |
3.59 |
|
|
$ |
2.83 |
|
|
$ |
9.50 |
|
|
$ |
7.01 |
|
|
|
|
|
|
|
|
|
|
Average shares
outstanding during period - Basic |
|
129,085,563 |
|
|
|
128,289,720 |
|
|
|
128,935,696 |
|
|
|
128,383,549 |
|
Average shares
outstanding during period - Diluted |
|
131,377,933 |
|
|
|
129,746,547 |
|
|
|
130,626,600 |
|
|
|
129,862,815 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH
DIVIDENDS PER COMMON SHARE |
|
|
|
|
|
|
|
(Unaudited) |
|
Three Months Ended March 31, |
|
Nine Months Ended March 31, |
(Amounts in dollars) |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Cash
dividends per common share |
$ |
0.88 |
|
|
$ |
0.88 |
|
|
$ |
2.64 |
|
|
$ |
2.64 |
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF EARNINGS PER DILUTED SHARE TO ADJUSTED
EARNINGS PER DILUTED SHARE |
|
|
|
|
|
(Unaudited) |
|
Three Months Ended March 31, |
|
Nine Months Ended March 31, |
(Amounts in dollars) |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Earnings
per diluted share |
$ |
3.59 |
|
|
$ |
2.83 |
|
|
$ |
9.50 |
|
|
$ |
7.01 |
|
Adjustments: |
|
|
|
|
|
|
|
Acquired intangible asset amortization expense |
0.62 |
|
|
0.62 |
|
|
1.87 |
|
|
1.57 |
|
Business realignment charges |
0.04 |
|
|
0.10 |
|
|
0.30 |
|
|
0.22 |
|
Lord costs to achieve |
0.02 |
|
|
0.06 |
|
|
0.07 |
|
|
0.14 |
|
Exotic costs to achieve |
— |
|
|
— |
|
|
— |
|
|
0.01 |
|
Acquisition-related expenses |
— |
|
|
0.14 |
|
|
— |
|
|
1.42 |
|
Gain on sale of land |
|
— |
|
|
— |
|
|
(0.77 |
) |
|
— |
|
Tax effect of adjustments1 |
|
(0.16 |
) |
|
(0.22 |
) |
|
(0.32 |
) |
|
(0.80 |
) |
Favorable tax settlement |
— |
|
|
(0.14 |
) |
|
— |
|
|
(0.14 |
) |
Adjusted
earnings per diluted share |
$ |
4.11 |
|
|
$ |
3.39 |
|
|
$ |
10.65 |
|
|
$ |
9.43 |
|
|
|
|
|
|
|
|
|
|
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 - MARCH 31, 2021 |
|
|
|
|
|
|
RECONCILIATION OF EBITDA TO ADJUSTED EBITDA |
|
|
|
|
(Unaudited) |
|
Three Months Ended March 31, |
|
Nine Months Ended March 31, |
(Dollars in thousands) |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Net
sales |
|
$ |
3,746,326 |
|
|
$ |
3,702,432 |
|
|
$ |
10,388,771 |
|
|
$ |
10,534,917 |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
471,733 |
|
|
$ |
367,369 |
|
|
$ |
1,240,947 |
|
|
$ |
911,008 |
|
Income taxes |
|
125,619 |
|
|
86,788 |
|
|
348,212 |
|
|
231,051 |
|
Depreciation and
amortization |
|
150,548 |
|
|
137,649 |
|
|
448,808 |
|
|
390,949 |
|
Interest expense |
|
60,830 |
|
|
80,765 |
|
|
189,778 |
|
|
233,612 |
|
EBITDA |
|
808,730 |
|
|
672,571 |
|
|
2,227,745 |
|
|
1,766,620 |
|
Adjustments: |
|
|
|
|
|
|
|
|
Business realignment charges |
|
5,602 |
|
|
13,454 |
|
|
40,070 |
|
|
28,013 |
|
Lord costs to achieve |
2,631 |
|
|
8,364 |
|
|
9,495 |
|
|
18,503 |
|
Exotic costs to achieve |
24 |
|
|
486 |
|
|
699 |
|
|
1,570 |
|
Acquisition-related expenses |
|
— |
|
|
18,165 |
|
|
— |
|
|
184,081 |
|
Gain on sale of land |
|
— |
|
|
— |
|
|
(100,893 |
) |
|
— |
|
Adjusted
EBITDA |
|
$ |
816,987 |
|
|
$ |
713,040 |
|
|
$ |
2,177,116 |
|
|
$ |
1,998,787 |
|
|
|
|
|
|
|
|
|
|
EBITDA
margin |
|
21.6 |
% |
|
18.2 |
% |
|
21.4 |
% |
|
16.8 |
% |
Adjusted EBITDA
margin |
|
21.8 |
% |
|
19.3 |
% |
|
21.0 |
% |
|
19.0 |
% |
PARKER
HANNIFIN CORPORATION - MARCH 31, 2021 |
|
|
|
|
|
|
BUSINESS
SEGMENT INFORMATION |
|
|
|
|
|
|
|
(Unaudited) |
|
Three Months Ended March 31, |
|
Nine Months Ended March 31, |
(Dollars in thousands) |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Net
sales |
|
|
|
|
|
|
|
|
Diversified Industrial: |
|
|
|
|
|
|
|
|
North America |
|
$ |
1,758,383 |
|
|
$ |
1,775,578 |
|
|
$ |
4,853,371 |
|
|
$ |
5,016,035 |
|
International |
|
1,388,999 |
|
|
1,182,273 |
|
|
3,777,875 |
|
|
3,408,207 |
|
Aerospace Systems |
|
598,944 |
|
|
744,581 |
|
|
1,757,525 |
|
|
2,110,675 |
|
Total net
sales |
|
$ |
3,746,326 |
|
|
$ |
3,702,432 |
|
|
$ |
10,388,771 |
|
|
$ |
10,534,917 |
|
Segment operating
income |
|
|
|
|
|
|
|
|
Diversified Industrial: |
|
|
|
|
|
|
|
|
North America |
|
$ |
336,589 |
|
|
$ |
279,628 |
|
|
$ |
887,041 |
|
|
$ |
766,159 |
|
International |
|
274,427 |
|
|
176,954 |
|
|
681,541 |
|
|
499,343 |
|
Aerospace Systems |
|
102,303 |
|
|
127,440 |
|
|
279,798 |
|
|
371,459 |
|
Total
segment operating income |
713,319 |
|
|
584,022 |
|
|
1,848,380 |
|
|
1,636,961 |
|
Corporate general
and administrative expenses |
48,089 |
|
|
48,342 |
|
|
123,544 |
|
|
132,904 |
|
Income before
interest expense and other expense |
665,230 |
|
|
535,680 |
|
|
1,724,836 |
|
|
1,504,057 |
|
Interest expense |
|
60,830 |
|
|
80,765 |
|
|
189,778 |
|
|
233,612 |
|
Other expense (income) |
|
7,048 |
|
|
758 |
|
|
(54,101 |
) |
|
128,386 |
|
Income before income
taxes |
|
$ |
597,352 |
|
|
$ |
454,157 |
|
|
$ |
1,589,159 |
|
|
$ |
1,142,059 |
|
|
|
|
|
|
|
|
|
|
PARKER
HANNIFIN CORPORATION - MARCH 31, 2021 |
|
|
|
|
|
|
|
RECONCILIATION OF TOTAL SEGMENT OPERATING MARGIN TO
ADJUSTED TOTAL SEGMENT OPERATING MARGIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
Three Months Ended |
|
|
Three Months Ended |
(Dollars in thousands) |
|
|
March 31, 2021 |
|
|
March 31, 2020 |
|
|
|
Operatingincome |
|
Operatingmargin |
|
|
Operatingincome |
|
Operatingmargin |
Total segment operating income |
|
$ |
713,319 |
|
19.0 |
% |
|
$ |
584,022 |
|
15.8 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Acquired intangible asset amortization expense |
|
|
81,253 |
|
|
|
|
|
80,506 |
|
|
|
Business realignment charges |
|
|
5,445 |
|
|
|
|
|
13,333 |
|
|
|
Lord costs to achieve |
|
|
2,631 |
|
|
|
|
|
8,364 |
|
|
|
Exotic costs to achieve |
|
|
24 |
|
|
|
|
|
486 |
|
|
|
Acquisition-related expenses |
|
|
— |
|
|
|
|
|
18,060 |
|
|
|
Adjusted total segment
operating income |
|
$ |
802,672 |
|
21.4 |
% |
|
$ |
704,771 |
|
19.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
Nine Months Ended |
|
|
|
March 31, 2021 |
|
|
March 31, 2020 |
|
|
|
Operatingincome |
|
Operatingmargin |
|
|
Operatingincome |
|
Operating margin |
Total segment
operating income |
|
$ |
1,848,380 |
|
17.8 |
% |
|
$ |
1,636,961 |
|
15.5 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Acquired intangible asset amortization expense |
|
|
244,193 |
|
|
|
|
|
203,895 |
|
|
|
Business realignment charges |
|
|
37,890 |
|
|
|
|
|
27,770 |
|
|
|
Lord costs to achieve |
|
|
9,495 |
|
|
|
|
|
18,503 |
|
|
|
Exotic costs to achieve |
|
|
699 |
|
|
|
|
|
1,570 |
|
|
|
Acquisition-related expenses |
|
|
— |
|
|
|
|
|
69,304 |
|
|
|
Adjusted total segment
operating income |
|
$ |
2,140,657 |
|
20.6 |
% |
|
$ |
1,958,003 |
|
18.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PARKER
HANNIFIN CORPORATION - MARCH 31, 2021 |
|
|
|
|
CONSOLIDATED BALANCE SHEET |
|
|
|
|
|
(Unaudited) |
|
|
March 31, |
|
|
|
June 30, |
|
|
|
March 31, |
|
(Dollars in thousands) |
|
|
2021 |
|
|
|
2020 |
|
|
|
2020 |
|
Assets |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
489,600 |
|
|
$ |
685,514 |
|
|
$ |
697,617 |
|
Marketable securities and
other investments |
|
40,270 |
|
|
70,805 |
|
|
92,536 |
|
Trade accounts receivable,
net |
|
2,118,437 |
|
|
1,854,398 |
|
|
2,174,425 |
|
Non-trade and notes
receivable |
|
309,568 |
|
|
244,870 |
|
|
322,187 |
|
Inventories |
|
1,898,159 |
|
|
1,814,631 |
|
|
2,011,367 |
|
Prepaid expenses and
other |
|
193,019 |
|
|
214,986 |
|
|
183,294 |
|
Total current
assets |
|
5,049,053 |
|
|
4,885,204 |
|
|
5,481,426 |
|
Property, plant and equipment,
net |
|
2,249,122 |
|
|
2,292,735 |
|
|
2,296,990 |
|
Deferred income taxes |
|
125,382 |
|
|
126,839 |
|
|
124,515 |
|
Investments and other
assets |
|
791,221 |
|
|
764,563 |
|
|
750,743 |
|
Intangible assets, net |
|
3,595,182 |
|
|
3,798,913 |
|
|
3,881,827 |
|
Goodwill |
|
8,031,586 |
|
|
7,869,935 |
|
|
7,829,779 |
|
Total
assets |
|
$ |
19,841,546 |
|
|
$ |
19,738,189 |
|
|
$ |
20,365,280 |
|
|
|
|
|
|
|
|
Liabilities and
equity |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Notes payable and long-term
debt payable within one year |
|
$ |
186,388 |
|
|
$ |
809,529 |
|
|
$ |
1,035,191 |
|
Accounts payable, trade |
|
1,551,460 |
|
|
1,111,759 |
|
|
1,422,011 |
|
Accrued payrolls and other
compensation |
|
430,008 |
|
|
424,231 |
|
|
415,213 |
|
Accrued domestic and foreign
taxes |
|
204,241 |
|
|
195,314 |
|
|
151,029 |
|
Other accrued liabilities |
|
664,550 |
|
|
607,540 |
|
|
650,165 |
|
Total current
liabilities |
|
3,036,647 |
|
|
3,148,373 |
|
|
3,673,609 |
|
Long-term debt |
|
6,571,908 |
|
|
7,652,256 |
|
|
8,097,922 |
|
Pensions and other
postretirement benefits |
|
1,777,137 |
|
|
1,887,414 |
|
|
1,320,167 |
|
Deferred income taxes |
|
416,223 |
|
|
382,528 |
|
|
497,920 |
|
Other liabilities |
|
631,702 |
|
|
539,089 |
|
|
468,235 |
|
Shareholders' equity |
|
7,392,202 |
|
|
6,113,983 |
|
|
6,295,990 |
|
Noncontrolling interests |
|
15,727 |
|
|
14,546 |
|
|
11,437 |
|
Total liabilities and
equity |
|
$ |
19,841,546 |
|
|
$ |
19,738,189 |
|
|
$ |
20,365,280 |
|
PARKER
HANNIFIN CORPORATION - MARCH 31, 2021 |
|
|
CONSOLIDATED STATEMENT
OF CASH FLOWS |
|
|
|
|
(Unaudited) |
|
Nine Months Ended March 31, |
(Dollars in thousands) |
|
|
2021 |
|
|
|
2020 |
|
Cash flows from
operating activities: |
|
|
|
|
Net income |
|
$ |
1,240,947 |
|
|
$ |
911,008 |
|
Depreciation and
amortization |
|
448,808 |
|
|
390,949 |
|
Share incentive plan
compensation |
|
101,907 |
|
|
91,857 |
|
Gain on property, plant and
equipment |
|
(108,449 |
) |
|
(5,194 |
) |
(Gain) loss on marketable
securities |
|
(8,489 |
) |
|
434 |
|
Gain on investments |
|
(6,008 |
) |
|
(1,849 |
) |
Net change in receivables,
inventories and trade payables |
|
127,164 |
|
|
111,416 |
|
Net change in other assets and
liabilities |
|
94,742 |
|
|
(218,979 |
) |
Other, net |
|
(9,217 |
) |
|
11,217 |
|
Net cash provided by
operating activities |
|
1,881,405 |
|
|
1,290,859 |
|
Cash flows from
investing activities: |
|
|
|
|
Acquisitions (net of cash of
$82,192 in 2020) |
|
— |
|
|
(5,076,064 |
) |
Capital expenditures |
|
(136,064 |
) |
|
(182,502 |
) |
Proceeds from sale of
property, plant and equipment |
|
132,740 |
|
|
25,398 |
|
Purchases of marketable
securities and other investments |
|
(30,608 |
) |
|
(191,277 |
) |
Maturities and sales of
marketable securities and other investments |
|
71,225 |
|
|
249,306 |
|
Other |
|
14,120 |
|
|
129,938 |
|
Net cash provided by
(used in) investing activities |
|
51,413 |
|
|
(5,045,201 |
) |
Cash flows from
financing activities: |
|
|
|
|
Net payments for common stock
activity |
|
(125,519 |
) |
|
(192,174 |
) |
Net (payments for) proceeds
from debt |
|
(1,748,818 |
) |
|
1,805,210 |
|
Dividends paid |
|
(341,333 |
) |
|
(340,291 |
) |
Net cash (used in)
provided by financing activities |
|
(2,215,670 |
) |
|
1,272,745 |
|
Effect of exchange rate
changes on cash |
|
86,938 |
|
|
(40,553 |
) |
Net decrease in cash and cash
equivalents |
|
(195,914 |
) |
|
(2,522,150 |
) |
Cash and cash equivalents at
beginning of year |
|
685,514 |
|
|
3,219,767 |
|
Cash and cash
equivalents at end of period |
|
$ |
489,600 |
|
|
$ |
697,617 |
|
|
|
PARKER
HANNIFIN CORPORATION - MARCH 31, 2021 |
|
RECONCILIATION OF FORECASTED EARNINGS PER DILUTED SHARE TO
ADJUSTED FORECASTED EARNINGS PER DILUTED SHARE |
|
|
(Unaudited) |
|
(Amounts in dollars) |
Fiscal Year 2021 |
Forecasted
earnings per diluted share |
$12.96 to $13.26 |
Adjustments: |
|
Business realignment charges |
0.38 |
Costs to achieve |
0.10 |
Acquisition-related intangible asset amortization expense |
2.47 |
Gain on sale of land |
(0.77) |
Tax effect of adjustments1 |
(0.49) |
Adjusted
forecasted earnings per diluted share |
$14.65 to $14.95 |
|
|
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. |
Contact: |
Media - |
|
|
Aidan Gormley - Director,
Global Communications and Branding |
216-896-3258 |
|
aidan.gormley@parker.com |
|
|
|
|
|
Financial Analysts
- |
|
|
Robin J. Davenport, Vice
President, Corporate Finance |
216-896-2265 |
|
rjdavenport@parker.com |
|
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