- All-time records for sales, net income, EPS, operating cash flow and segment operating margins
- Fourth quarter sales increased 25% to
$3.96 billion , organic sales increased 22% - Fourth quarter segment operating margin was 20.0% as reported, or 22.2% adjusted
- Fourth quarter EPS increased 72% to
$3.84 as reported, or$4.38 adjusted - Full year net income was
$1.75 billion ; EPS were$13.35 as reported, or$15.04 adjusted - Full year total segment operating margin was 18.4% as reported, or 21.1% adjusted
- Full year EBITDA margin was 21.6% as reported, or 21.3% adjusted
- Full year cash flow from operations was
$2.58 billion , or 17.9% of sales - Announced offer to acquire Meggitt to nearly double the size of the Aerospace Systems Segment
“We had an outstanding fourth quarter that capped off a record year for Parker,” said Chairman and Chief Executive Officer,
For the full year, fiscal 2021 sales were a record at
In the fiscal 2021 fourth quarter, the company made debt repayments of
Segment Results
Diversified Industrial Segment: North American fourth quarter sales increased 27% to
Aerospace Systems Segment: Fourth quarter sales increased 1% to
Parker reported the following orders for the quarter ending
- Orders increased 43% for total Parker
- Orders increased 56% in the
Diversified Industrial North America businesses - Orders increased 58% in the
Diversified Industrial International businesses - Orders decreased 7% in the Aerospace Systems Segment on a rolling 12-month average basis
Offer to
As previously announced on
“The combination of Parker and Meggitt is an exciting opportunity for both companies’ team members, customers, shareholders and communities,” said
“We are committed to being a responsible steward of Meggitt and are pleased our acquisition has the full support of Meggitt’s Board. We fully understand these responsibilities and are making a number of strong commitments that reflect them. During our longstanding presence in the
Outlook
For the fiscal year ending
Williams added, “We are encouraged by the positive demand trends across many of our end markets and anticipate a continued recovery in commercial aerospace during fiscal 2022. We expect this improving macro-economic outlook to enhance the impact of our continued actions to drive profitable growth by executing the Win Strategy and delivering top quartile financial performance.”
NOTICE OF CONFERENCE CALL: Parker Hannifin's conference call and slide presentation to discuss its fiscal 2021 fourth quarter and full year results are available to all interested parties via live webcast today at
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 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 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
Note on Inventories
During the fourth quarter of fiscal 2021, the company voluntarily changed its method of accounting for certain domestic inventory previously valued by the last-in, first-out (LIFO) method to the first-in, first-out (FIFO) method. This accounting change has been retrospectively applied to all periods presented in the financial tables of this press release.
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. Often but not always, 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. 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 in this press release 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, 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 risks and uncertainties in connection with such forward-looking statements related to the proposed acquisition of Meggitt include, but are not limited to, the occurrence of any event, change or other circumstances that could delay the closing of the proposed acquisition; the possibility of non-consummation of the proposed Acquisition; the failure to satisfy any of the conditions to the proposed acquisition (including the satisfaction of the conditions detailed in the Rule 2.7 announcement); the possibility that a governmental entity may prohibit the consummation of the proposed acquisition or may delay or refuse to grant a necessary regulatory approval in connection with the proposed acquisition, or that in order for the parties to obtain any such regulatory approvals, conditions are imposed that adversely affect the anticipated benefits from the proposed acquisition or cause the parties to abandon the proposed acquisition; adverse effects on Parker’s common stock because of the failure to complete the proposed acquisition; Parker’s business experiencing disruptions due to acquisition-related uncertainty or other factors making it more difficult to maintain relationships with employees, business partners or governmental entities; the possibility that the expected synergies and value creation from the proposed acquisition will not be realized or will not be realized within the expected time period; the parties being unable to successfully implement integration strategies; and significant transaction costs related to the proposed acquisition. 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
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
| CONSOLIDATED STATEMENT OF INCOME | ||||||||||||||||||||
| (Unaudited) | Three Months Ended |
Twelve Months Ended |
||||||||||||||||||
| (Dollars in thousands, except per share amounts) | 2021 | 2020* | 2021 | 2020* | ||||||||||||||||
| Net sales | $ | 3,958,869 | $ | 3,160,603 | $ | 14,347,640 | $ | 13,695,520 | ||||||||||||
| Cost of sales | 2,832,281 | 2,365,531 | 10,449,680 | 10,292,291 | ||||||||||||||||
| Selling, general and administrative expenses | 414,048 | 352,793 | 1,527,302 | 1,656,553 | ||||||||||||||||
| Interest expense | 60,258 | 74,549 | 250,036 | 308,161 | ||||||||||||||||
| Other (income) expense, net | (4,269 | ) | 5,374 | (126,335 | ) | (68,339 | ) | |||||||||||||
| Income before income taxes | 656,551 | 362,356 | 2,246,957 | 1,506,854 | ||||||||||||||||
| Income taxes | 151,582 | 72,879 | 500,096 | 304,522 | ||||||||||||||||
| Net income | 504,969 | 289,477 | 1,746,861 | 1,202,332 | ||||||||||||||||
| Less: Noncontrolling interests | 176 | (21 | ) | 761 | 362 | |||||||||||||||
| Net income attributable to common shareholders | $ | 504,793 | $ | 289,498 | $ | 1,746,100 | $ | 1,201,970 | ||||||||||||
| Earnings per share attributable to common shareholders: | ||||||||||||||||||||
| Basic earnings per share | $ | 3.91 | $ | 2.25 | $ | 13.54 | $ | 9.36 | ||||||||||||
| Diluted earnings per share | $ | 3.84 | $ | 2.23 | $ | 13.35 | $ | 9.26 | ||||||||||||
| Average shares outstanding during period - Basic | 129,192,426 | 128,523,334 | 128,999,879 | 128,418,495 | ||||||||||||||||
| Average shares outstanding during period - Diluted | 131,554,199 | 129,993,001 | 130,834,478 | 129,805,034 | ||||||||||||||||
| CASH DIVIDENDS PER COMMON SHARE | ||||||||||||||||||||
| (Unaudited) | Three Months Ended |
Twelve Months Ended |
||||||||||||||||||
| (Amounts in dollars) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
| Cash dividends per common share | $ | 1.03 | $ | 0.88 | $ | 3.67 | $ | 3.52 | ||||||||||||
| RECONCILIATION OF EARNINGS PER DILUTED SHARE TO ADJUSTED EARNINGS PER DILUTED SHARE | ||||||||||||||||||||
| (Unaudited) | Three Months Ended |
Twelve Months Ended |
||||||||||||||||||
| (Amounts in dollars) | 2021 | 2020* | 2021 | 2020* | ||||||||||||||||
| Earnings per diluted share | $ | 3.84 | $ | 2.23 | $ | 13.35 | $ | 9.26 | ||||||||||||
| Adjustments: | ||||||||||||||||||||
| Acquired intangible asset amortization expense | 0.62 | 0.62 | 2.49 | 2.19 | ||||||||||||||||
| Business realignment charges | 0.06 | 0.37 | 0.36 | 0.59 | ||||||||||||||||
| Lord costs to achieve | 0.01 | 0.02 | 0.08 | 0.16 | ||||||||||||||||
| Exotic costs to achieve | — | — | — | 0.01 | ||||||||||||||||
| Acquisition-related expenses | 0.03 | 0.03 | 0.03 | 1.45 | ||||||||||||||||
| Gain on sale of land | — | — | (0.77 | ) | — | |||||||||||||||
| Tax effect of adjustments1 | (0.18 | ) | (0.23 | ) | (0.50 | ) | (1.03 | ) | ||||||||||||
| Favorable tax settlement | — | (0.05 | ) | — | (0.19 | ) | ||||||||||||||
| Adjusted earnings per diluted share | $ | 4.38 | $ | 2.99 | $ | 15.04 | $ | 12.44 | ||||||||||||
| *Prior periods have been adjusted to reflect the change in inventory accounting method, as described in the attached press release. | ||||||||||||||||||||
| 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. | ||||||||||||||||||||
| RECONCILIATION OF EBITDA TO ADJUSTED EBITDA | |||||||||||||||||
| (Unaudited) | Three Months Ended |
Twelve Months Ended |
|||||||||||||||
| (Dollars in thousands) | 2021 | 2020* | 2021 | 2020* | |||||||||||||
| Net sales | $ | 3,958,869 | $ | 3,160,603 | $ | 14,347,640 | $ | 13,695,520 | |||||||||
| Net income | $ | 504,969 | $ | 289,477 | $ | 1,746,861 | $ | 1,202,332 | |||||||||
| Income taxes | 151,582 | 72,879 | 500,096 | 304,522 | |||||||||||||
| Depreciation and amortization | 146,582 | 146,582 | 595,390 | 537,531 | |||||||||||||
| Interest expense | 60,258 | 74,549 | 250,036 | 308,161 | |||||||||||||
| EBITDA | 863,391 | 583,487 | 3,092,383 | 2,352,546 | |||||||||||||
| Adjustments: | |||||||||||||||||
| Business realignment charges | 7,792 | 47,601 | 47,862 | 75,614 | |||||||||||||
| Lord costs to achieve | 1,727 | 2,166 | 11,222 | 20,669 | |||||||||||||
| Exotic costs to achieve | 20 | 338 | 719 | 1,908 | |||||||||||||
| Acquisition-related expenses | 3,549 | 4,437 | 3,549 | 188,518 | |||||||||||||
| Gain on sale of land | — | — | (100,893 | ) | — | ||||||||||||
| Adjusted EBITDA | $ | 876,479 | $ | 638,029 | $ | 3,054,842 | $ | 2,639,255 | |||||||||
| EBITDA margin | 21.8 | % | 18.5 | % | 21.6 | % | 17.2 | % | |||||||||
| Adjusted EBITDA margin | 22.1 | % | 20.2 | % | 21.3 | % | 19.3 | % | |||||||||
| *Prior periods have been adjusted to reflect the change in inventory accounting method, as described in the attached press release. | |||||||||||||||||
| BUSINESS SEGMENT INFORMATION | |||||||||||||||||
| (Unaudited) | Three Months Ended |
Twelve Months Ended |
|||||||||||||||
| (Dollars in thousands) | 2021 | 2020* | 2021 | 2020* | |||||||||||||
| Net sales | |||||||||||||||||
| $ | 1,823,078 | $ | 1,440,263 | $ | 6,676,449 | $ | 6,456,298 | ||||||||||
| International | 1,505,835 | 1,096,380 | 5,283,710 | 4,504,587 | |||||||||||||
| Aerospace Systems | 629,956 | 623,960 | 2,387,481 | 2,734,635 | |||||||||||||
| Total net sales | $ | 3,958,869 | $ | 3,160,603 | $ | 14,347,640 | $ | 13,695,520 | |||||||||
| Segment operating income | |||||||||||||||||
| $ | 360,378 | $ | 219,785 | $ | 1,247,419 | $ | 985,944 | ||||||||||
| International | 306,513 | 175,420 | 988,054 | 674,763 | |||||||||||||
| Aerospace Systems | 123,097 | 105,441 | 402,895 | 476,900 | |||||||||||||
| Total segment operating income | 789,988 | 500,646 | 2,638,368 | 2,137,607 | |||||||||||||
| Corporate general and administrative expenses | 54,883 | 37,999 | 178,427 | 170,903 | |||||||||||||
| Income before interest expense and other expense | 735,105 | 462,647 | 2,459,941 | 1,966,704 | |||||||||||||
| Interest expense | 60,258 | 74,549 | 250,036 | 308,161 | |||||||||||||
| Other expense (income) | 18,296 | 25,742 | (37,052 | ) | 151,689 | ||||||||||||
| Income before income taxes | $ | 656,551 | $ | 362,356 | $ | 2,246,957 | $ | 1,506,854 | |||||||||
| *Prior periods have been adjusted to reflect the change in inventory accounting method, as described in the attached press release. | |||||||||||||||||
| RECONCILIATION OF TOTAL SEGMENT OPERATING MARGIN TO ADJUSTED TOTAL SEGMENT OPERATING MARGIN | ||||||||||||||
| (Unaudited) | Three Months Ended | Three Months Ended | ||||||||||||
| (Dollars in thousands) | ||||||||||||||
| Operating income |
Operating margin |
Operating income |
Operating margin |
|||||||||||
| Total segment operating income | $ | 789,988 | 20.0 | % | $ | 500,646 | 15.8 | % | ||||||
| Adjustments: | ||||||||||||||
| Acquired intangible asset amortization expense | 81,254 | 80,737 | ||||||||||||
| Business realignment charges | 7,347 | 46,619 | ||||||||||||
| Lord costs to achieve | 1,727 | 2,166 | ||||||||||||
| Exotic costs to achieve | 20 | 338 | ||||||||||||
| Adjusted total segment operating income | $ | 880,336 | 22.2 | % | $ | 630,506 | 19.9 | % | ||||||
| Twelve Months Ended | Twelve Months Ended | |||||||||||||
| Operating income |
Operating margin |
Operating income |
Operating margin |
|||||||||||
| Total segment operating income | $ | 2,638,368 | 18.4 | % | $ | 2,137,607 | 15.6 | % | ||||||
| Adjustments: | ||||||||||||||
| Acquired intangible asset amortization expense | 325,447 | 284,632 | ||||||||||||
| Business realignment charges | 45,237 | 74,389 | ||||||||||||
| Lord costs to achieve | 11,222 | 20,669 | ||||||||||||
| Exotic costs to achieve | 719 | 1,908 | ||||||||||||
| Acquisition-related expenses | — | 69,304 | ||||||||||||
| Adjusted total segment operating income | $ | 3,020,993 | 21.1 | % | $ | 2,588,509 | 18.9 | % | ||||||
| CONSOLIDATED BALANCE SHEET | ||||||||
| (Unaudited) | ||||||||
| (Dollars in thousands) | 2021 | 2020* | ||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 733,117 | $ | 685,514 | ||||
| Marketable securities and other investments | 39,116 | 70,805 | ||||||
| Trade accounts receivable, net | 2,183,594 | 1,854,398 | ||||||
| Non-trade and notes receivable | 326,315 | 244,870 | ||||||
| Inventories | 2,090,642 | 1,964,195 | ||||||
| Prepaid expenses and other | 243,966 | 214,986 | ||||||
| Total current assets | 5,616,750 | 5,034,768 | ||||||
| Property, plant and equipment, net | 2,266,476 | 2,292,735 | ||||||
| Deferred income taxes | 104,251 | 126,839 | ||||||
| Investments and other assets | 774,239 | 764,563 | ||||||
| Intangible assets, net | 3,519,797 | 3,798,913 | ||||||
| 8,059,687 | 7,869,935 | |||||||
| Total assets | $ | 20,341,200 | $ | 19,887,753 | ||||
| Liabilities and equity | ||||||||
| Current liabilities: | ||||||||
| Notes payable and long-term debt payable within one year | $ | 2,824 | $ | 809,529 | ||||
| Accounts payable, trade | 1,667,878 | 1,111,759 | ||||||
| Accrued payrolls and other compensation | 507,027 | 424,231 | ||||||
| Accrued domestic and foreign taxes | 236,384 | 195,314 | ||||||
| Other accrued liabilities | 682,390 | 607,540 | ||||||
| Total current liabilities | 3,096,503 | 3,148,373 | ||||||
| Long-term debt | 6,582,053 | 7,652,256 | ||||||
| Pensions and other postretirement benefits | 1,055,638 | 1,887,414 | ||||||
| Deferred income taxes | 553,981 | 418,851 | ||||||
| Other liabilities | 639,355 | 539,089 | ||||||
| Shareholders' equity | 8,398,307 | 6,227,224 | ||||||
| Noncontrolling interests | 15,363 | 14,546 | ||||||
| Total liabilities and equity | $ | 20,341,200 | $ | 19,887,753 | ||||
| *Prior periods have been adjusted to reflect the change in inventory accounting method, as described in the attached press release. | ||||||||
| CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||||
| (Unaudited) | Twelve Months Ended |
|||||||||
| (Dollars in thousands) | 2021 | 2020* | ||||||||
| Cash flows from operating activities: | ||||||||||
| Net income | $ | 1,746,861 | $ | 1,202,332 | ||||||
| Depreciation and amortization | 595,390 | 537,531 | ||||||||
| Share incentive plan compensation | 121,483 | 111,375 | ||||||||
| Gain on property, plant and equipment | (109,332 | ) | (1,850 | ) | ||||||
| Gain on marketable securities | (11,570 | ) | (587 | ) | ||||||
| Gain on investments | (12,616 | ) | (2,084 | ) | ||||||
| Net change in receivables, inventories and trade payables | 142,673 | 415,025 | ||||||||
| Net change in other assets and liabilities | 150,136 | (211,049 | ) | |||||||
| Other, net | (48,024 | ) | 20,256 | |||||||
| Net cash provided by operating activities | 2,575,001 | 2,070,949 | ||||||||
| Cash flows from investing activities: | ||||||||||
| Acquisitions (net of cash of |
— | (5,076,064 | ) | |||||||
| Capital expenditures | (209,957 | ) | (232,591 | ) | ||||||
| Proceeds from sale of property, plant and equipment | 140,590 | 26,345 | ||||||||
| Purchases of marketable securities and other investments | (34,809 | ) | (194,742 | ) | ||||||
| Maturities and sales of marketable securities and other investments | 79,419 | 275,483 | ||||||||
| Other | 24,744 | 177,576 | ||||||||
| Net cash used in investing activities | (13 | ) | (5,023,993 | ) | ||||||
| Cash flows from financing activities: | ||||||||||
| Net payments for common stock activity | (214,134 | ) | (213,426 | ) | ||||||
| Acquisition of noncontrolling interests | — | (1,200 | ) | |||||||
| Net (payments for) proceeds from debt | (1,934,031 | ) | 1,117,774 | |||||||
| Dividends paid | (475,174 | ) | (453,838 | ) | ||||||
| Net cash (used in) provided by financing activities | (2,623,339 | ) | 449,310 | |||||||
| Effect of exchange rate changes on cash | 95,954 | (30,519 | ) | |||||||
| Net increase (decrease) in cash and cash equivalents | 47,603 | (2,534,253 | ) | |||||||
| Cash and cash equivalents at beginning of year | 685,514 | 3,219,767 | ||||||||
| Cash and cash equivalents at end of period | $ | 733,117 | $ | 685,514 | ||||||
| *Prior periods have been adjusted to reflect the change in inventory accounting method, as described in the attached press release. | ||||||||||
| RECONCILIATION OF FORECASTED EARNINGS PER DILUTED SHARE TO ADJUSTED FORECASTED EARNINGS PER DILUTED SHARE | |||
| (Unaudited) | |||
| (Amounts in dollars) | Fiscal Year 2022 | ||
| Forecasted earnings per diluted share | |||
| Adjustments: | |||
| Business realignment charges | 0.27 | ||
| Costs to achieve | 0.05 | ||
| Acquisition-related intangible asset amortization expense | 2.43 | ||
| Tax effect of adjustments1 | (0.60) | ||
| Adjusted forecasted earnings per diluted share | |||
| 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. | |||
| LIFO ACCOUNTING CHANGE | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| During the fourth quarter of fiscal 2021, the company voluntarily changed its method of accounting for certain domestic inventory previously valued by the LIFO method to the FIFO method. The effects of the change in accounting principle from LIFO to FIFO have been retrospectively applied to all periods presented in the table below. The impact of this accounting change for fiscal 2021 caused a |
||||||||||||||||||
| Recast Results | ||||||||||||||||||
| Three Months Ended | ||||||||||||||||||
| Dollars in thousands, except per share amounts | ||||||||||||||||||
| Consolidated Statements of Income | ||||||||||||||||||
| Cost of sales | $ | 2,386,449 | $ | 2,518,165 | $ | 2,712,785 | $ | 2,832,281 | ||||||||||
| Income before income taxes | 413,174 | 577,892 | 599,340 | 656,551 | ||||||||||||||
| Income tax expense | 93,063 | 129,350 | 126,101 | 151,582 | ||||||||||||||
| Net income | 320,111 | 448,542 | 473,239 | 504,969 | ||||||||||||||
| Net income attributable to common shareholders | 319,803 | 448,351 | 473,153 | 504,793 | ||||||||||||||
| Earnings per share attributable to common shareholders: | ||||||||||||||||||
| Basic | $ | 2.48 | $ | 3.48 | $ | 3.67 | $ | 3.91 | ||||||||||
| Diluted | $ | 2.45 | $ | 3.42 | $ | 3.60 | $ | 3.84 | ||||||||||
| Three Months Ended | ||||||||||||||||||
| Dollars in thousands, except per share amounts | ||||||||||||||||||
| Consolidated Statements of Income | ||||||||||||||||||
| Cost of sales | $ | 2,480,992 | $ | 2,686,131 | $ | 2,759,637 | $ | 2,365,531 | ||||||||||
| Income before income taxes | 431,905 | 251,380 | 461,213 | 362,356 | ||||||||||||||
| Income tax expense | 93,811 | 49,331 | 88,501 | 72,879 | ||||||||||||||
| Net income | 338,094 | 202,049 | 372,712 | 289,477 | ||||||||||||||
| Net income attributable to common shareholders | 337,951 | 201,925 | 372,596 | 289,498 | ||||||||||||||
| Earnings per share attributable to common shareholders: | ||||||||||||||||||
| Basic | $ | 2.63 | $ | 1.57 | $ | 2.90 | $ | 2.25 | ||||||||||
| Diluted | $ | 2.60 | $ | 1.55 | $ | 2.87 | $ | 2.23 | ||||||||||
| Contact: | Media - | |
| 216-896-3258 | ||
| aidan.gormley@parker.com | ||
| Financial Analysts - | ||
| 216-896-2265 | ||
| rjdavenport@parker.com | ||
Source: Parker-Hannifin Corporation
