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Mar 31, 2023
Parker-Hannifin Q3 2023 Earnings Report
Parker-Hannifin's Q3 2023 performance showcased record sales and adjusted segment operating margin, EBITDA margin, net income, and EPS.
Key Takeaways
Parker-Hannifin reported record third-quarter sales of $5.1 billion, a 24% increase year-over-year, with organic sales up 12%. The company achieved a net income of $590.9 million, or $771.9 million adjusted, and EPS of $4.54, or $5.93 adjusted. Strong demand and the integration of Meggitt contributed to the positive results.
Record sales of $5.1 billion, a 24% increase year-over-year.
Adjusted segment operating margin increased by 50 bps to 23.2%.
Net income reached $590.9 million, or $771.9 million adjusted.
Adjusted EPS increased 23% to a record $5.93.
Revenue by Segment
Forward Guidance
Parker has increased its outlook for organic sales and earnings per share for the fiscal year ending June 30, 2023. The company expects fiscal 2023 organic sales growth to be approximately 10% and earnings per share in the range of $14.75 to $15.05, or $20.60 to $20.90 on an adjusted basis.
Positive Outlook
- Organic sales growth expected to be approximately 10%.
- Earnings per share expected in the range of $14.75 to $15.05.
- Adjusted earnings per share expected in the range of $20.60 to $20.90.
- Continued execution of The Win Strategy™.
- Synergies from the Meggitt acquisition supporting performance.
Challenges Ahead
- Impact of the global outbreak of COVID-19 and governmental actions.
- Changes in business relationships with major customers, suppliers, or distributors.
- Uncertainties surrounding the timing and integration of acquisitions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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