Parker Reports Fiscal 2021 Second Quarter Results
- Second quarter record net income of $447.3 million, EPS at $3.41 as reported, or $3.44 adjusted
- Second quarter record total segment operating margin of 17.4% as reported, or 20.4% adjusted
- Second quarter EBITDA margin was 23.1% as reported, or 20.8% adjusted
- Cash flow from operations was a Q2 YTD record at $1.35 billion, or 20.4% of sales
- Cumulative debt reduction reaches approximately $2.8 billion in the last 14 months
- Company increases fiscal 2021 EPS guidance midpoint to $12.15 as reported, or $13.90 adjusted
CLEVELAND, Feb. 04, 2021 (GLOBE NEWSWIRE) -- Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today reported results for the fiscal 2021 second quarter ended December 31, 2020. Fiscal 2021 second quarter sales were $3.41 billion, compared with $3.50 billion in the prior year quarter. Net income was a record $447.3 million, which includes a gain of approximately $76.4 million from the sale of land, compared with $204.5 million in the second quarter of fiscal 2020. Fiscal 2021 second quarter earnings per share were $3.41, compared with $1.57 in the prior year quarter. Adjusted earnings per share increased 15% to $3.44, compared with adjusted earnings per share of $2.98 in the second quarter of fiscal 2020. Fiscal year-to-date cash flow from operations was a second quarter record at $1.35 billion and reached 20.4% of sales, compared with $826.0 million or 12.1% of sales in the prior year period. A reconciliation of non-GAAP measures is included in the financial tables of this press release.
“Parker team members continue to deliver outstanding results including many records in a challenging environment,” said Chairman and Chief Executive Officer, Tom Williams. “Our current results reflect the combined effect of significant operating performance improvement via The Win Strategy™ and strategic acquisitions that have strengthened our portfolio. We achieved second quarter records in total segment operating margin, earnings and year-to-date operating cash flow. We also delivered better than expected organic sales reflecting a more resilient business portfolio and strong performance in our Diversified Industrial segment. This was also the first quarter since September 2018 that industrial order rates were positive. Second quarter adjusted segment operating margin increased 250 basis points year over year and adjusted EBITDA margin increased 230 basis points compared with the prior year quarter.”
During the quarter, the company made debt repayments of $767 million, further accelerating the cumulative debt reduction to approximately $2.8 billion over the last 14 months. The company has also reinitiated its 10b5-1 share repurchase program, which had been temporarily suspended in March 2020, and intends to resume quarterly share repurchases under the program of $50 million in the fiscal 2021 third quarter, effective February 5, 2021.
Segment Results
Diversified Industrial Segment: North American second quarter sales decreased 3% to $1.6 billion, and operating income was $281.6 million, compared with $211.3 million in the same period a year ago. International second quarter sales increased 10% to $1.3 billion, and operating income was $220.2 million, compared with $153.8 million in the same period a year ago.
Aerospace Systems Segment: Second quarter sales decreased 20% to $585.4 million, and operating income was $90.7 million, compared with $121.0 million in the same period a year ago.
Parker reported the following orders for the quarter ending December 31, 2020, compared with the same quarter a year ago:
- Orders were flat for total Parker
- Orders increased 1% in the Diversified Industrial North America businesses
- Orders increased 10% in the Diversified Industrial International businesses
- Orders decreased 18% in the Aerospace Systems Segment on a rolling 12-month average basis
Outlook
For the fiscal year ending June 30, 2021, the company has increased guidance for earnings per share to the range of $11.90 to $12.40, or $13.65 to $14.15 on an adjusted basis. Guidance assumes an organic sales decline in the range of (4.5%) to (2.5%). Fiscal year 2021 guidance is adjusted on a pre-tax basis for expected business realignment expenses of approximately $60 million, costs to achieve of approximately $15 million, acquisition-related intangible asset amortization of approximately $322 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 performance in the first half of this year has exceeded our expectations, and as a result, we are increasing our full year guidance for fiscal 2021. While the outlook for key end markets continues to be uncertain in the current environment, we remain committed to driving improvements through the execution of the Win Strategy and making continued progress toward our long-term financial goals."
NOTICE OF CONFERENCE CALL: Parker Hannifin's conference call and slide presentation to discuss its fiscal 2021 second 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 Hannifin
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. Parker has increased its annual dividend per share paid to shareholders for 64 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 Orders
Orders 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 Income
Net income referenced in this press release is equal to net income attributable to common shareholders.
Note on Non-GAAP Financial Measures
This 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 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. 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, as well as uncertainties associated with the timing and conditions surrounding the return to service of the Boeing 737 MAX. 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 - DECEMBER 31, 2020 | |||||||||||||||
CONSOLIDATED STATEMENT OF INCOME | |||||||||||||||
(Unaudited) | Three Months Ended December 31, | Six Months Ended December 31, | |||||||||||||
(Dollars in thousands, except per share amounts) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Net sales | $ | 3,411,905 | $ | 3,497,974 | $ | 6,642,445 | $ | 6,832,485 | |||||||
Cost of sales | 2,519,545 | 2,682,765 | 4,903,873 | 5,162,506 | |||||||||||
Selling, general and administrative expenses | 356,572 | 491,121 | 726,423 | 890,300 | |||||||||||
Interest expense | 62,990 | 82,891 | 128,948 | 152,847 | |||||||||||
Other (income), net | (103,714 | ) | (13,549 | ) | (108,606 | ) | (61,070 | ) | |||||||
Income before income taxes | 576,512 | 254,746 | 991,807 | 687,902 | |||||||||||
Income taxes | 129,015 | 50,148 | 222,593 | 144,263 | |||||||||||
Net income | 447,497 | 204,598 | 769,214 | 543,639 | |||||||||||
Less: Noncontrolling interests | 191 | 124 | 499 | 267 | |||||||||||
Net income attributable to common shareholders | $ | 447,306 | $ | 204,474 | $ | 768,715 | $ | 543,372 | |||||||
Earnings per share attributable to common shareholders: | |||||||||||||||
Basic earnings per share | $ | 3.47 | $ | 1.59 | $ | 5.97 | $ | 4.23 | |||||||
Diluted earnings per share | $ | 3.41 | $ | 1.57 | $ | 5.89 | $ | 4.17 | |||||||
Average shares outstanding during period - Basic | 129,013,781 | 128,396,933 | 128,860,763 | 128,430,463 | |||||||||||
Average shares outstanding during period - Diluted | 131,075,655 | 130,495,381 | 130,482,564 | 130,154,079 | |||||||||||
CASH DIVIDENDS PER COMMON SHARE | |||||||||||||||
(Unaudited) | Three Months Ended December 31, | Six Months Ended December 31, | |||||||||||||
(Amounts in dollars) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Cash dividends per common share | $ | 0.88 | $ | 0.88 | $ | 1.76 | $ | 1.76 | |||||||
RECONCILIATION OF EARNINGS PER DILUTED SHARE TO ADJUSTED EARNINGS PER DILUTED SHARE | |||||||||||||||
(Unaudited) | Three Months Ended December 31, | Six Months Ended December 31, | |||||||||||||
(Amounts in dollars) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Earnings per diluted share | $ | 3.41 | $ | 1.57 | $ | 5.89 | $ | 4.17 | |||||||
Adjustments: | |||||||||||||||
Acquired intangible asset amortization expense | 0.62 | 0.57 | 1.25 | 0.95 | |||||||||||
Business realignment charges | 0.14 | 0.08 | 0.26 | 0.12 | |||||||||||
Lord costs to achieve | 0.02 | 0.05 | 0.05 | 0.08 | |||||||||||
Exotic costs to achieve | — | — | — | 0.01 | |||||||||||
Acquisition-related expenses | — | 1.14 | — | 1.28 | |||||||||||
Gain on sale of land | (0.77 | ) | — | (0.77 | ) | — | |||||||||
Tax effect of adjustments1 | 0.02 | (0.43 | ) | (0.16 | ) | (0.58 | ) | ||||||||
Adjusted earnings per diluted share | $ | 3.44 | $ | 2.98 | $ | 6.52 | $ | 6.03 | |||||||
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 - DECEMBER 31, 2020 | |||||||||||||||
RECONCILIATION OF EBITDA TO ADJUSTED EBITDA | |||||||||||||||
(Unaudited) | Three Months Ended December 31, | Six Months Ended December 31, | |||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Net sales | $ | 3,411,905 | $ | 3,497,974 | $ | 6,642,445 | $ | 6,832,485 | |||||||
Net income | $ | 447,497 | $ | 204,598 | $ | 769,214 | $ | 543,639 | |||||||
Income taxes | 129,015 | 50,148 | 222,593 | 144,263 | |||||||||||
Depreciation and amortization | 149,818 | 144,229 | 298,260 | 253,300 | |||||||||||
Interest expense | 62,990 | 82,891 | 128,948 | 152,847 | |||||||||||
EBITDA | 789,320 | 481,866 | 1,419,015 | 1,094,049 | |||||||||||
Adjustments: | |||||||||||||||
Business realignment charges | 18,767 | 9,836 | 34,468 | 14,559 | |||||||||||
Lord costs to achieve | 3,249 | 6,725 | 6,864 | 10,139 | |||||||||||
Exotic costs to achieve | 343 | 489 | 675 | 1,084 | |||||||||||
Acquisition-related expenses | — | 148,467 | — | 165,916 | |||||||||||
Gain on sale of land | (100,893 | ) | — | (100,893 | ) | — | |||||||||
Adjusted EBITDA | $ | 710,786 | $ | 647,383 | $ | 1,360,129 | $ | 1,285,747 | |||||||
EBITDA margin | 23.1 | % | 13.8 | % | 21.4 | % | 16.0 | % | |||||||
Adjusted EBITDA margin | 20.8 | % | 18.5 | % | 20.5 | % | 18.8 | % | |||||||
PARKER HANNIFIN CORPORATION - DECEMBER 31, 2020 | |||||||||||||||
BUSINESS SEGMENT INFORMATION | |||||||||||||||
(Unaudited) | Three Months Ended December 31, | Six Months Ended December 31, | |||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Net sales | |||||||||||||||
Diversified Industrial: | |||||||||||||||
North America | $ | 1,566,877 | $ | 1,615,852 | $ | 3,094,988 | $ | 3,240,457 | |||||||
International | 1,259,625 | 1,147,084 | 2,388,876 | 2,225,934 | |||||||||||
Aerospace Systems | 585,403 | 735,038 | 1,158,581 | 1,366,094 | |||||||||||
Total net sales | $ | 3,411,905 | $ | 3,497,974 | $ | 6,642,445 | $ | 6,832,485 | |||||||
Segment operating income | |||||||||||||||
Diversified Industrial: | |||||||||||||||
North America | $ | 281,619 | $ | 211,339 | $ | 550,452 | $ | 486,531 | |||||||
International | 220,213 | 153,816 | 407,114 | 322,389 | |||||||||||
Aerospace Systems | 90,729 | 121,039 | 177,495 | 244,019 | |||||||||||
Total segment operating income | 592,561 | 486,194 | 1,135,061 | 1,052,939 | |||||||||||
Corporate general and administrative expenses | 38,720 | 35,660 | 75,455 | 84,562 | |||||||||||
Income before interest expense and other expense | 553,841 | 450,534 | 1,059,606 | 968,377 | |||||||||||
Interest expense | 62,990 | 82,891 | 128,948 | 152,847 | |||||||||||
Other (income) expense | (85,661 | ) | 112,897 | (61,149 | ) | 127,628 | |||||||||
Income before income taxes | $ | 576,512 | $ | 254,746 | $ | 991,807 | $ | 687,902 | |||||||
PARKER HANNIFIN CORPORATION - DECEMBER 31, 2020 | |||||||||||||
RECONCILIATION OF TOTAL SEGMENT OPERATING MARGIN TO ADJUSTED TOTAL SEGMENT OPERATING MARGIN | |||||||||||||
(Unaudited) | Three Months Ended | Three Months Ended | |||||||||||
(Dollars in thousands) | December 31, 2020 | December 31, 2019 | |||||||||||
Operating income |
Operating margin |
Operating income |
Operating margin |
||||||||||
Total segment operating income | $ | 592,561 | 17.4 | % | $ | 486,194 | 13.9 | % | |||||
Adjustments: | |||||||||||||
Acquired intangible asset amortization expense | 81,237 | 73,956 | |||||||||||
Business realignment charges | 17,922 | 9,719 | |||||||||||
Lord costs to achieve | 3,249 | 6,725 | |||||||||||
Exotic costs to achieve | 343 | 489 | |||||||||||
Acquisition-related expenses | — | 48,725 | |||||||||||
Adjusted total segment operating income | $ | 695,312 | 20.4 | % | $ | 625,808 | 17.9 | % | |||||
Six Months Ended | Six Months Ended | ||||||||||||
December 31, 2020 | December 31, 2019 | ||||||||||||
Operating income |
Operating margin |
Operating income |
Operating margin |
||||||||||
Total segment operating income | $ | 1,135,061 | 17.1 | % | $ | 1,052,939 | 15.4 | % | |||||
Adjustments: | |||||||||||||
Acquired intangible asset amortization expense | 162,940 | 123,389 | |||||||||||
Business realignment charges | 32,445 | 14,437 | |||||||||||
Lord costs to achieve | 6,864 | 10,139 | |||||||||||
Exotic costs to achieve | 675 | 1,084 | |||||||||||
Acquisition-related expenses | — | 51,244 | |||||||||||
Adjusted total segment operating income | $ | 1,337,985 | 20.1 | % | $ | 1,253,232 | 18.3 | % | |||||
PARKER HANNIFIN CORPORATION - DECEMBER 31, 2020 | |||||||||||
CONSOLIDATED BALANCE SHEET | |||||||||||
(Unaudited) | December 31, | June 30, | December 31, | ||||||||
(Dollars in thousands) | 2020 | 2020 | 2019 | ||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 564,734 | $ | 685,514 | $ | 948,355 | |||||
Marketable securities and other investments | 43,314 | 70,805 | 145,120 | ||||||||
Trade accounts receivable, net | 1,816,731 | 1,854,398 | 1,973,187 | ||||||||
Non-trade and notes receivable | 312,590 | 244,870 | 319,126 | ||||||||
Inventories | 1,870,948 | 1,814,631 | 2,014,260 | ||||||||
Prepaid expenses and other | 191,362 | 214,986 | 261,103 | ||||||||
Total current assets | 4,799,679 | 4,885,204 | 5,661,151 | ||||||||
Property, plant and equipment, net | 2,302,142 | 2,292,735 | 2,335,940 | ||||||||
Deferred income taxes | 134,325 | 126,839 | 114,032 | ||||||||
Investments and other assets | 795,073 | 764,563 | 941,588 | ||||||||
Intangible assets, net | 3,695,194 | 3,798,913 | 4,036,108 | ||||||||
Goodwill | 8,101,016 | 7,869,935 | 7,955,170 | ||||||||
Total assets | $ | 19,827,429 | $ | 19,738,189 | $ | 21,043,989 | |||||
Liabilities and equity | |||||||||||
Current liabilities: | |||||||||||
Notes payable and long-term debt payable within one year | $ | 610,909 | $ | 809,529 | $ | 1,604,318 | |||||
Accounts payable, trade | 1,343,011 | 1,111,759 | 1,311,733 | ||||||||
Accrued payrolls and other compensation | 345,973 | 424,231 | 372,549 | ||||||||
Accrued domestic and foreign taxes | 218,624 | 195,314 | 165,265 | ||||||||
Other accrued liabilities | 688,566 | 607,540 | 637,257 | ||||||||
Total current liabilities | 3,207,083 | 3,148,373 | 4,091,122 | ||||||||
Long-term debt | 6,602,309 | 7,652,256 | 8,141,220 | ||||||||
Pensions and other postretirement benefits | 1,843,209 | 1,887,414 | 1,366,814 | ||||||||
Deferred income taxes | 420,699 | 382,528 | 569,582 | ||||||||
Other liabilities | 631,825 | 539,089 | 532,750 | ||||||||
Shareholders' equity | 7,105,982 | 6,113,983 | 6,330,175 | ||||||||
Noncontrolling interests | 16,322 | 14,546 | 12,326 | ||||||||
Total liabilities and equity | $ | 19,827,429 | $ | 19,738,189 | $ | 21,043,989 | |||||
PARKER HANNIFIN CORPORATION - DECEMBER 31, 2020 | |||||||
CONSOLIDATED STATEMENT OF CASH FLOWS | |||||||
(Unaudited) | Six Months Ended December 31, | ||||||
(Dollars in thousands) | 2020 | 2019 | |||||
Cash flows from operating activities: | |||||||
Net income | $ | 769,214 | $ | 543,639 | |||
Depreciation and amortization | 298,260 | 253,300 | |||||
Share incentive plan compensation | 79,833 | 73,069 | |||||
Gain on property, plant and equipment | (102,565 | ) | (4,478 | ) | |||
Gain on marketable securities | (6,959 | ) | (1,969 | ) | |||
Gain on investments | (4,783 | ) | (1,849 | ) | |||
Net change in receivables, inventories and trade payables | 269,322 | 227,247 | |||||
Net change in other assets and liabilities | 47,707 | (278,168 | ) | ||||
Other, net | 3,959 | 15,177 | |||||
Net cash provided by operating activities | 1,353,988 | 825,968 | |||||
Cash flows from investing activities: | |||||||
Acquisitions (net of cash of $82,192 in 2019) | — | (5,075,605 | ) | ||||
Capital expenditures | (92,907 | ) | (118,593 | ) | |||
Proceeds from sale of property, plant and equipment | 124,428 | 20,993 | |||||
Purchases of marketable securities and other investments | (16,029 | ) | (190,129 | ) | |||
Maturities and sales of marketable securities and other investments | 52,019 | 198,872 | |||||
Other | 11,183 | 9,374 | |||||
Net cash provided by (used in) investing activities | 78,694 | (5,155,088 | ) | ||||
Cash flows from financing activities: | |||||||
Net payments for common stock activity | (57,688 | ) | (134,892 | ) | |||
Net (payments for) proceeds from debt | (1,324,348 | ) | 2,416,222 | ||||
Dividends paid | (227,228 | ) | (227,025 | ) | |||
Net cash (used in) provided by financing activities | (1,609,264 | ) | 2,054,305 | ||||
Effect of exchange rate changes on cash | 55,802 | 3,403 | |||||
Net decrease in cash and cash equivalents | (120,780 | ) | (2,271,412 | ) | |||
Cash and cash equivalents at beginning of year | 685,514 | 3,219,767 | |||||
Cash and cash equivalents at end of period | $ | 564,734 | $ | 948,355 | |||
PARKER HANNIFIN CORPORATION - DECEMBER 31, 2020 | |
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 | $11.90 to $12.40 |
Adjustments: | |
Business realignment charges | 0.46 |
Costs to achieve | 0.11 |
Acquisition-related intangible asset amortization expense | 2.47 |
Gain on sale of land | (0.77) |
Tax effect of adjustments1 | (0.52) |
Adjusted forecasted earnings per diluted share | $13.65 to $14.15 |
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 |
Source: Parker-Hannifin Corporation
Released February 4, 2021