Parker Hannifin Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Parker Hannifin Corp filed its 10-Q for the quarter ending March 31, 2024, detailing financial performance across its industrial and aerospace segments.</b>

AI Summary

PARKER HANNIFIN CORP (PH) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Parker Hannifin reported financial results for the third quarter and first nine months of fiscal year 2024. The filing covers the period from January 1, 2024, to March 31, 2024, and year-to-date from July 1, 2023, to March 31, 2024. Key segments include Diversified Industrial (Motion Systems, Flow and Process Control, Filtration and Engineered Materials) and Aerospace Systems (Commercial and Military OEM and Aftermarket). The company's fiscal year ends on June 30th. Parker Hannifin Corporation is headquartered in Cleveland, 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 segment-specific performance within Diversified Industrial and Aerospace Systems allows for a deeper analysis of revenue drivers and potential growth areas or challenges.

Risk Assessment

Risk Level: medium — PARKER HANNIFIN CORP shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information. However, the complexity of its industrial and aerospace segments introduces inherent market and operational risks that require ongoing monitoring.

Analyst Insight

Review the detailed segment revenues and growth rates to identify trends in the Diversified Industrial and Aerospace Systems segments.

Key Numbers

• 2024-03-31 — Period End Date (Conformed Period of Report)
• 2024-05-03 — Filing Date (Filed As Of Date)
• 0630 — Fiscal Year End (Fiscal Year End)
• 3490 — Standard Industrial Classification (SIC Code)

Key Players & Entities

• PARKER HANNIFIN CORP (company) — Filer
• 2024-03-31 (date) — Conformed Period of Report
• 2024-05-03 (date) — Filed As Of Date
• CLEVELAND (location) — Business Address City
• OH (location) — Business Address State
• 6035 PARKLAND BOULEVARD (address) — Business Address Street 1
• 44124-4141 (postal_code) — Business Address ZIP
• 1934 Act (regulation) — SEC Act

FAQ

Industry Context

Parker Hannifin operates in the miscellaneous fabricated metal products industry, serving diverse industrial and aerospace markets.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze revenue trends for the Diversified Industrial segment, specifically Motion Systems, Flow and Process Control, and Filtration and Engineered Materials.
2. Examine revenue trends for the Aerospace Systems segment, noting performance in Commercial and Military OEM and Aftermarket.
3. Compare the current period's financial data with prior periods to identify growth or decline patterns.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-03: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing the initial quarterly financial data for the current fiscal year.

Filing Documents

• ph-20240331.htm (10-Q) — 1230KB
• exhibit10aq3fy24.htm (EX-10.A) — 88KB
• ph3312024ex31a.htm (EX-31.A) — 10KB
• ph3312024ex31b.htm (EX-31.B) — 10KB
• ph3312024ex32.htm (EX-32) — 6KB
• 0000076334-24-000020.txt (&nbsp;) — 8004KB
• ph-20240331.xsd (EX-101.SCH) — 55KB
• ph-20240331_cal.xml (EX-101.CAL) — 107KB
• ph-20240331_def.xml (EX-101.DEF) — 235KB
• ph-20240331_lab.xml (EX-101.LAB) — 664KB
• ph-20240331_pre.xml (EX-101.PRE) — 457KB
• ph-20240331_htm.xml (XML) — 1375KB

- 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 Nine Months Ended March 31, March 31, 2024 2023 2024 2023 Net sales $ 5,074,356 $ 5,061,665 $ 14,742,791 $ 13,969,251 Cost of sales 3,279,650 3,340,764 9,478,961 9,373,032 Selling, general and administrative expenses 816,337 868,393 2,496,830 2,519,163 Interest expense 123,732 151,993 387,229 416,718 Other income, net ( 65,406 ) ( 55,866 ) ( 228,872 ) ( 116,131 ) Income before income taxes 920,043 756,381 2,608,643 1,776,469 Income taxes 193,309 165,421 548,780 402,011 Net income 726,734 590,960 2,059,863 1,374,458 Less: Noncontrolling interest in subsidiaries' earnings 160 71 611 478 Net income attributable to common shareholders $ 726,574 $ 590,889 $ 2,059,252 $ 1,373,980 Earnings per share attributable to common shareholders: Basic $ 5.65 $ 4.61 $ 16.03 $ 10.71 Diluted $ 5.56 $ 4.54 $ 15.82 $ 10.58 See accompanying notes to consolidated financial statements. - 2 - PARKER-HANNIFIN CORPORATION CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Dollars in thousands) (Unaudited) Three Months Ended Nine Months Ended March 31, March 31, 2024 2023 2024 2023 Net income $ 726,734 $ 590,960 $ 2,059,863 $ 1,374,458 Less: Noncontrolling interests in subsidiaries' earnings 160 71 611 478 Net income attributable to common shareholders 726,574 590,889 2,059,252 1,373,980 Other comprehensive (loss) income, net of tax Foreign currency translation adjustment ( 168,919 ) 92,106 ( 119,216 ) 145,997 Retirement benefits plan activity 1,369 ( 1,364 ) 4,098 8,397 Other comprehensive (loss) income ( 167,550 ) 90,742 ( 115,118 ) 154,394 Less: Other comprehensive (loss) income for noncontrolling interests ( 392 ) ( 299 ) 384 ( 176 ) Other comprehensive (loss) income attributable to common shareholders ( 167,158 ) 91,041 ( 115,502 ) 154,570 Total comprehensive income attributable

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 March 31, 2024, the results of operations for the three and nine months ended March 31, 2024 and 2023 and cash flows for the nine 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 disclosure

View Full Filing

View this 10-Q filing on SEC EDGAR