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Mar 31, 2022
Parker-Hannifin Q3 2022 Earnings Report
Reported record sales and increased adjusted EPS guidance.
Key Takeaways
Parker-Hannifin reported record third-quarter sales of $4.09 billion, a 9% increase from the previous year. Adjusted earnings per share increased by 17% to a record $4.83. The company has updated its fiscal year 2022 adjusted EPS guidance to $18.00 to $18.30.
Sales increased 9% to $4.09 billion, with organic sales up 11%.
Segment operating margin was 20.3% as reported, or 22.7% adjusted.
Adjusted segment operating margin increased 130 bps vs. prior year.
EPS were $2.67 as reported, or $4.83 adjusted.
Revenue by Segment
Forward Guidance
For the fiscal year ending June 30, 2022, the company has updated guidance for earnings per share to the range of $13.00 to $13.30, or $18.00 to $18.30 on an adjusted basis. Guidance assumes organic sales growth of approximately 11% compared with the prior year. COVID-19 related shutdowns in China are estimated to reduce sales by $100 million and EPS by $0.24 in the fourth quarter.
Positive Outlook
- Expect to finish the year with a record level of financial performance.
- Solid foundation to achieve new five-year targets for fiscal year 2027.
- Continued progress being made towards meeting all the conditions required to complete the Meggitt acquisition.
- Ongoing transformation of our portfolio.
- Strong alignment with the positive secular trends of aerospace, digital, electrification and clean technologies.
Challenges Ahead
- Supply chain pressures.
- Labor pressures.
- Inflationary pressures.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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