ph-20231231

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2023


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File number 1-4982

PARKER-HANNIFIN CORPORATION

(Exact name of registrant as specified in its charter)


Ohio			34-0451060
(State or other jurisdiction of Incorporation or Organization)			(I.R.S. Employer Identification No.)

6035 Parkland Boulevard,	Cleveland,	Ohio	44124-4141
(Address of Principal Executive Offices)			(Zip Code)

Registrant’s telephone number, including area code: (216) 896-3000

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Each Exchange on which Registered

Common Shares, $.50 par value

New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act:

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

Number of Common Shares outstanding at December 31, 2023: 128,410,854

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

PARKER-HANNIFIN CORPORATION

CONSOLIDATED STATEMENT OF INCOME

(Dollars in thousands, except per share amounts)

(Unaudited)


	Three Months Ended				Six Months Ended
	December 31,				December 31,
	2023		2022		2023		2022
Net sales	$	4,820,947	$	4,674,811	$	9,668,435	$	8,907,586
Cost of sales	3,101,962		3,236,812		6,199,311		6,032,268
Selling, general and administrative expenses	806,802		814,966		1,680,493		1,650,770

Interest expense	129,029		146,931		263,497		264,725
Other income, net	(85,011)		(40,641)		(163,466)		(60,265)
Income before income taxes	868,165		516,743		1,688,600		1,020,088
Income taxes	186,108		121,282		355,471		236,590
Net income	682,057		395,461		1,333,129		783,498
Less: Noncontrolling interest in subsidiaries' earnings	206		224		451		407
Net income attributable to common shareholders	$	681,851	$	395,237	$	1,332,678	$	783,091

Earnings per share attributable to common shareholders:
Basic	$	5.31	$	3.08	$	10.38	$	6.10
Diluted	$	5.23	$	3.04	$	10.23	$	6.03

See accompanying notes to consolidated financial statements.

- 2 -

PARKER-HANNIFIN CORPORATION

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(Dollars in thousands)

(Unaudited)


	Three Months Ended				Six Months Ended
	December 31,				December 31,
	2023		2022		2023		2022
Net income	$	682,057	$	395,461	$	1,333,129	$	783,498
Less: Noncontrolling interests in subsidiaries' earnings	206		224		451		407
Net income attributable to common shareholders	681,851		395,237		1,332,678		783,091

Other comprehensive income, net of tax
Foreign currency translation adjustment	272,235		360,374		49,703		53,891
Retirement benefits plan activity	1,911		4,990		2,729		9,761
Other comprehensive income	274,146		365,364		52,432		63,652
Less: Other comprehensive income for noncontrolling interests	415		1,253		776		123
Other comprehensive attributable to common shareholders	273,731		364,111		51,656		63,529

SEC Form 10-Q filed by Parker-Hannifin Corporation