ph-20240331

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 March 31, 2024


☐			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 March 31, 2024: 128,540,990

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				Nine Months Ended
	March 31,				March 31,
	2024		2023		2024		2023
Net sales	$	5,074,356	$	5,061,665	$	14,742,791	$	13,969,251
Cost of sales	3,279,650		3,340,764		9,478,961		9,373,032
Selling, general and administrative expenses	816,337		868,393		2,496,830		2,519,163

Interest expense	123,732		151,993		387,229		416,718
Other income, net	(65,406)		(55,866)		(228,872)		(116,131)
Income before income taxes	920,043		756,381		2,608,643		1,776,469
Income taxes	193,309		165,421		548,780		402,011
Net income	726,734		590,960		2,059,863		1,374,458
Less: Noncontrolling interest in subsidiaries' earnings	160		71		611		478
Net income attributable to common shareholders	$	726,574	$	590,889	$	2,059,252	$	1,373,980

Earnings per share attributable to common shareholders:
Basic	$	5.65	$	4.61	$	16.03	$	10.71
Diluted	$	5.56	$	4.54	$	15.82	$	10.58

See accompanying notes to consolidated financial statements.

- 2 -

PARKER-HANNIFIN CORPORATION

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(Dollars in thousands)

(Unaudited)


	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2024		2023		2024		2023
Net income	$	726,734	$	590,960	$	2,059,863	$	1,374,458
Less: Noncontrolling interests in subsidiaries' earnings	160		71		611		478
Net income attributable to common shareholders	726,574		590,889		2,059,252		1,373,980

Other comprehensive (loss) income, net of tax
Foreign currency translation adjustment	(168,919)		92,106		(119,216)		145,997
Retirement benefits plan activity	1,369		(1,364)		4,098		8,397
Other comprehensive (loss) income	(167,550)		90,742		(115,118)		154,394
Less: Other comprehensive (loss) income for noncontrolling interests	(392)		(299)		384		(176)
Other comprehensive (loss) income attributable to common shareholders	(167,158)		91,041		(115,502)		154,570
Total comprehensive income attributable to common shareholders	$	559,416	$

SEC Form 10-Q filed by Parker-Hannifin Corporation