Parker sales increase 2% in fourth fiscal quarter
Parker Hannifin Corp.reported results for the quarter and year ended June 30, 2024, that included the following highlights (compared with the prior year period):
Fiscal 2024 Fourth Quarter Highlights
- Sales increased 2% to a record $5.2 billion; Organic sales growth was 3%
- Net income was $785 million, or $884 million adjusted
- EPS were $6.01, an increase of 10%, or a record $6.77 adjusted, an increase of 11%
- EBITDA margin was 25.8%, an increase of 90 bps, or 26.3% adjusted, an increase of 190 bps
- Segment operating margin was 22.2%, an increase of 10 bps, or a record 25.3% adjusted, an increase of 130 bps
Fiscal 2024 Full Year Highlights
- Sales increased 5% to a record $19.9 billion; Organic sales growth was 2%
- Net income was $2.8 billion, or $3.3 billion adjusted
- EPS were $21.84, an increase of 36%, or a record $25.44 adjusted, an increase of 18%
- EBITDA margin was 25.2%, an increase of 380 bps, or 25.6% adjusted, an increase of 200 bps
- Segment operating margin was 21.5%, an increase of 240 bps, or a record 24.9% adjusted, an increase of 200 bps
- Cash flow from operations increased 14% to $3.4 billion, or 17.0% of sales
“We delivered an exceptionally strong fourth quarter capping another year of record performance,” said Chairman and Chief Executive Officer Jenny Parmentier. “Our ability to drive outstanding results reflects the dedication and commitment of our people, the strength and balance of our portfolio, and the power of our business system, The Win Strategy.
“For the year, we delivered on our commitments with respect to safety and financial targets," she added. "We had record sales approaching $20 billion, record adjusted segment operating margin, which increased 200 basis points compared to the prior year, adjusted earnings per share growth of 18%, and record free cash flow of $3 billion. Parker has a very bright future ahead as indicated by our strong outlook for fiscal year 2025, which puts us on track to achieve our financial targets for fiscal year 2029.”
INDUSTRIAL SUPPLY MAGAZINE
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