Parker Hannifin Corp Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Parker Hannifin Corp filed its 10-Q for the period ending December 31, 2023, detailing financial performance across its key business segments.</b>

AI Summary

PARKER HANNIFIN CORP (PH) filed a Quarterly Report (10-Q) with the SEC on February 6, 2024. Parker Hannifin reported financial results for the period ending December 31, 2023. The filing covers the second quarter and first half of fiscal year 2024. Key segments include Motion Systems, Diversified Industrial, and Aerospace Systems. The company's fiscal year ends on June 30th. Parker Hannifin Corporation is incorporated in Ohio.

Why It Matters

For investors and stakeholders tracking PARKER HANNIFIN CORP, this filing contains several important signals. This filing provides investors with the latest financial performance data for Parker Hannifin, crucial for assessing the company's current health and future prospects. Understanding the performance of segments like Motion Systems, Diversified Industrial, and Aerospace Systems is key to evaluating the company's strategic direction and market position.

Risk Assessment

Risk Level: low — PARKER HANNIFIN CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant deviations from typical reporting.

Analyst Insight

Review the detailed segment performance within the 10-Q to identify growth drivers and potential headwinds for Parker Hannifin.

Key Numbers

• 20231231 — Report Period End Date (CONFORMED PERIOD OF REPORT)
• 20240206 — Filing Date (FILED AS OF DATE)
• 20231231 — Fiscal Year End (0000076334 2023-12-31)
• 20221231 — Prior Year Period End (0000076334 2022-12-31)

Key Players & Entities

• PARKER HANNIFIN CORP (company) — FILER
• OH (location) — STATE OF INCORPORATION
• 6035 PARKLAND BOULEVARD (address) — BUSINESS ADDRESS
• CLEVELAND (location) — BUSINESS ADDRESS CITY
• 44124-4141 (zip_code) — BUSINESS ADDRESS ZIP
• PARKER APPLIANCE CO (company) — FORMER COMPANY
• 19670907 (date) — DATE OF NAME CHANGE

FAQ

Industry Context

Parker Hannifin operates in the industrial manufacturing sector, providing motion and control technologies and systems.

Regulatory Implications

The filing is a standard 10-Q, adhering to SEC regulations for quarterly financial reporting under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the revenue and profitability trends for each business segment (Motion Systems, Diversified Industrial, Aerospace Systems).
2. Compare the financial metrics presented in this 10-Q with the previous year's filings to identify year-over-year performance changes.
3. Review any disclosed risk factors or management discussion and analysis for insights into operational challenges or strategic initiatives.

Key Dates

• 2023-12-31: Quarterly Period End — Financial results for the period are reported.
• 2024-02-06: Filing Date — The 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the period ending December 31, 2023. Specific comparative financial data from the prior year's 10-Q is not detailed in this header information.

Filing Documents

• ph-20231231.htm (10-Q) — 1227KB
• ph12312023ex31a.htm (EX-31.A) — 10KB
• ph12312023ex31b.htm (EX-31.B) — 10KB
• ph12312023ex32.htm (EX-32) — 6KB
• 0000076334-24-000008.txt (&nbsp;) — 7935KB
• ph-20231231.xsd (EX-101.SCH) — 55KB
• ph-20231231_cal.xml (EX-101.CAL) — 107KB
• ph-20231231_def.xml (EX-101.DEF) — 234KB
• ph-20231231_lab.xml (EX-101.LAB) — 722KB
• ph-20231231_pre.xml (EX-101.PRE) — 456KB
• ph-20231231_htm.xml (XML) — 1370KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS PARKER-HANNIFIN CORPORATION CONSOLIDATED STATEMENT OF INCOME (Dollars in thousands, except per share amounts) (Unaudited) Three Months Ended Six Months Ended December 31, December 31, 2023 2022 2023 2022 Net sales $ 4,820,947 $ 4,674,811 $ 9,668,435 $ 8,907,586 Cost of sales 3,101,962 3,236,812 6,199,311 6,032,268 Selling, general and administrative expenses 806,802 814,966 1,680,493 1,650,770 Interest expense 129,029 146,931 263,497 264,725 Other income, net ( 85,011 ) ( 40,641 ) ( 163,466 ) ( 60,265 ) Income before income taxes 868,165 516,743 1,688,600 1,020,088 Income taxes 186,108 121,282 355,471 236,590 Net income 682,057 395,461 1,333,129 783,498 Less: Noncontrolling interest in subsidiaries' earnings 206 224 451 407 Net income attributable to common shareholders $ 681,851 $ 395,237 $ 1,332,678 $ 783,091 Earnings per share attributable to common shareholders: Basic $ 5.31 $ 3.08 $ 10.38 $ 6.10 Diluted $ 5.23 $ 3.04 $ 10.23 $ 6.03 See accompanying notes to consolidated financial statements. - 2 - PARKER-HANNIFIN CORPORATION CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Dollars in thousands) (Unaudited) Three Months Ended Six Months Ended December 31, December 31, 2023 2022 2023 2022 Net income $ 682,057 $ 395,461 $ 1,333,129 $ 783,498 Less: Noncontrolling interests in subsidiaries' earnings 206 224 451 407 Net income attributable to common shareholders 681,851 395,237 1,332,678 783,091 Other comprehensive income, net of tax Foreign currency translation adjustment 272,235 360,374 49,703 53,891 Retirement benefits plan activity 1,911 4,990 2,729 9,761 Other comprehensive income 274,146 365,364 52,432 63,652 Less: Other comprehensive income for noncontrolling interests 415 1,253 776 123 Other comprehensive attributable to common shareholders 273,731 364,111 51,656 63,529 Total comprehensive income attributable to common shareholders $ 955,582 $ 759,348 $ 1,384,334 $ 846,620 See acco

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands, except per share amounts or as otherwise noted) As used in this Quarterly Report on Form 10-Q, unless the context otherwise requires, the terms "Company", "Parker", "we" or "us" refer to Parker-Hannifin Corporation and its subsidiaries. 1. Management representation In the opinion of the management of the Company, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the Company's financial position as of December 31, 2023, the results of operations for the three and six months ended December 31, 2023 and 2022 and cash flows for the six months then ended. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company's 2023 Annual Report on Form 10-K. Subsequent Events The Company has evaluated subsequent events that occurred through the date these financial statements were issued. No subsequent events have occurred that required adjustment to or disclosure in these financial statements. 2. New accounting pronouncements In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which enhances the disclosure requirements for income taxes primarily related to the rate reconciliation and income taxes paid information. The amendments are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendment should be applied on a prospective basis. Retrospective application is permitted. The Company is currently evaluating the impact this guidance will have on the Company's disclosures. In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which updates reportable segment disclo

View Full Filing

View this 10-Q filing on SEC EDGAR