Thu, Aug 22, 11:28 AM (145 days ago)
Parker-Hannifin Corporation reported a strong financial performance for the fiscal year ending June 30, 2024, with net sales of $19,930 million, a 4.5% increase from $19,065 million in 2023. The Aerospace Systems Segment contributed significantly, with sales rising to $5,472 million, while the Diversified Industrial Segment saw a decline to $14,457 million. Net income attributable to common shareholders surged to $2,844 million, up from $2,084 million, translating to diluted earnings per share of $21.84. Operating expenses decreased slightly, with selling, general, and administrative expenses at $3,315 million. The acquisition of Meggitt plc added $501 million in sales but was offset by divestitures and currency impacts. The backlog stood at $10.9 billion, indicating robust future revenue potential. Key risks include economic uncertainties, geopolitical tensions, and cybersecurity threats. The company maintains a strong liquidity position with cash flows from operations totaling $3,384 million and significant availability under credit facilities. Overall, Parker-Hannifin's strategic focus on innovation and operational efficiency positions it well for continued growth amid market challenges.