Parker Increases Quarterly Cash Dividend
April 27 2023 - 5:00PM
Parker Hannifin Corporation (NYSE: PH), the global leader in
motion and control technologies, today announced that its Board of
Directors has declared a regular quarterly cash dividend of $1.48
per share of common stock to shareholders of record as of May 12,
2023. The dividend is payable June 2, 2023. The dividend
represents an 11% increase over the previous quarterly cash
dividend of $1.33 per common share and is the company's
292ndconsecutive quarterly dividend.
"This double-digit increase in our quarterly
dividend reflects the Board’s confidence in our ability to
consistently generate strong cash flow,” said Todd
Leombruno, Executive Vice President and Chief Financial
Officer. “Our record of increasing our annual dividend
payout now stands at 67 consecutive fiscal years, among
the top five longest-running dividend-increase records in the
S&P 500 index, and continues to be a priority for
capital allocation.”
Parker 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. Learn more at www.parker.com or
@parkerhannifin.
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: 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.
###
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
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