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Parker-Hannifin Corporation (NYSE: PH) is a Fortune 250 global leader in motion and control technologies. For over a century, Parker has been engineering breakthroughs across a wide array of diversified industrial and aerospace markets. The company's products and services are crucial to a variety of applications, including the manufacture and processing of raw materials, durable goods, infrastructure development, and various forms of transport.
Parker operates through two major segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial segment covers technologies such as engineered materials, filtration, fluid connectors, instrumentation, and motion systems. This segment alone boasts 17,100 independent distributors, with about 40% of its business occurring outside the United States. Each technology group within this segment creates essential solutions that enhance the functionality and efficiency of countless products and systems worldwide.
The Aerospace Systems segment, on the other hand, deals with advanced technologies for engine and actuation components, significantly contributing to the aerospace industry. This segment has seen remarkable growth, partly attributed to the recent acquisition of Meggitt PLC, which has enhanced Parker’s capabilities and market reach.
Financially, Parker-Hannifin has consistently showcased robust performance. For instance, in the fiscal 2024 first quarter, the company reported record sales of $4.8 billion, marking a 15% increase from the previous year. Net income surged to $650.8 million, up from $387.9 million, highlighting the firm's strong financial health and strategic execution. The company's focus on operational excellence and continuous improvement, driven by their Win Strategy™, has enabled consistent growth and record performance across all segments.
Recent updates reveal Parker’s ambitious goals and future outlook. The company has updated its guidance for the fiscal year ending June 30, 2024, projecting total sales growth between 3% to 5% and earnings per share in the range of $20.00 to $20.60, or $23.90 to $24.50 on an adjusted basis. These projections are bolstered by Parker’s strong cash flow, operational efficiencies, and the positive impact of strategic acquisitions.
Parker-Hannifin's ongoing transformation and commitment to innovation ensure that it remains at the forefront of its industry. The company’s emphasis on safety, customer service, and operational excellence, combined with favorable market trends, sets the stage for continued success and shareholder value.
For more information, visit www.parker.com or follow Parker on Twitter at @parkerhannifin.
Parker Hannifin (NYSE: PH), a global leader in motion and control technologies, has announced its upcoming fiscal 2024 fourth quarter and full year earnings release. The company will disclose its financial results on Thursday, August 8, 2024, before the market opens. This will be followed by a conference call at 11:00 a.m. Eastern time, where the company will discuss the results and address questions from institutional investors and analysts.
The conference call will be accompanied by a simultaneous webcast and slide presentation on Parker's investor information website. Parker Hannifin, a Fortune 250 company, has maintained a remarkable record of increasing its annual dividend per share for 68 consecutive fiscal years, placing it among the top five longest-running dividend-increase records in the S&P 500 index.
SK Capital Partners has signed an agreement to acquire Parker Hannifin 's North America Composites & Fuel Containment (CFC) Division. The CFC Division, with annual sales of approximately $350 million, is a leading provider of engineered carbon fiber composite components and fuel containment solutions for defense and commercial aerospace markets. Operating six manufacturing locations across North America, the division employs about 1,700 people.
SK Capital, known for transforming non-core businesses into independent companies, sees this acquisition as an opportunity to implement its growth strategy. The transaction is expected to close in the fourth quarter of 2024. Larry Resnick, an aerospace and defense industry executive, will join the business' Board of Directors post-acquisition.
Parker Hannifin (NYSE: PH) has announced an agreement to sell its North America Composites and Fuel Containment (CFC) Division to SK Capital Partners. This divestiture is part of Parker's strategy to assess optimal ownership for its businesses. The CFC Division, with annual sales of approximately $350 million, became part of Parker's Diversified Industrial Segment following the Meggitt plc acquisition in 2022.
The transaction, subject to customary closing conditions, contributes to Parker's recent divestitures totaling nearly $450 million in annual sales over the past three years. CEO Jenny Parmentier expressed confidence in the CFC Division's potential under new ownership. The division, headquartered in Erlanger, Kentucky, operates six locations across the U.S. and Mexico, specializing in composites, fuel tanks, and bladders manufacturing.
Parker Hannifin (NYSE: PH) has announced the election of E. Jean Savage to its Board of Directors, effective July 10, 2024.
Ms. Savage currently serves as President and CEO of Trinity Industries and has held various leadership roles at Caterpillar Inc. and Parker Hannifin. Her extensive background includes expertise in industrial, engineering, and transportation sectors, as well as experience in global advanced manufacturing operations.
Parker Hannifin highlights her significant executive leadership and strategic knowledge as key assets for the company's future goals and governance oversight.
Parker Hannifin (NYSE: PH) has partnered with Kaon Interactive to enhance its digital transformation and accelerate organic growth in key markets by 4-6% annually.
Utilizing Kaon’s High Velocity Marketing Platform, Parker is focusing on interactive customer engagement applications, starting with the Renewables (Wind) and Oil & Gas markets.
These digital applications will be showcased at the Hydrogen Technology Expo in Houston, highlighting products like Balance of Plant and Balance of Stack solutions for PEM & Alkaline Electrolyzers in Hydrogen Production, and systems for Hydrogen Refueling Stations.
This initiative aims to enhance customer understanding and engagement, emphasizing sustainability and cleaner energy solutions.
Jason McGuire, Director of Business Development Energy, Oil, and Gas at Parker, and Gavin Finn, CEO of Kaon Interactive, emphasize the strategic importance and innovative potential of this partnership.
Parker Hannifin (NYSE: PH) hosted its 2024 investor meeting, highlighting its transformation and growth strategy, The Win StrategyTM. The company aims for significant growth and margin expansion through operational excellence and alignment with secular trends such as aerospace, digitalization, and clean technologies. New 5-year targets for fiscal 2029 include 4-6% organic sales growth CAGR, 27% adjusted segment operating margin, 28% adjusted EBITDA margin, 17% free cash flow margin, and over 10% adjusted EPS CAGR. Parker emphasizes a high-performance culture and strong cash flow generation for shareholder returns.
Parker Hannifin reported record sales of $5.07 billion in the fiscal 2024 third quarter, with a 1% increase in organic sales. The segment operating margin reached 21.5%, or a record 24.7% adjusted, marking a 150 basis points increase. Earnings per share were $5.56, or a record $6.51 adjusted, showing a 10% increase. The company raised its outlook for segment operating margin and EPS. Cash flow from operations for fiscal 2024 year-to-date hit a record $2.1 billion, reflecting a 20% increase. Aerospace Systems Segment had an outstanding performance with an 18% increase in sales. Orders remained flat for total Parker, decreased in the Diversified Industrial sectors, and increased by 15% in the Aerospace Systems Segment. The fiscal year 2024 sales growth is expected to be around 4%, with an outlook for segment operating margin and EPS provided in the ranges of 21.2% to 24.6% and $20.80 to $24.85, respectively.
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