December 9, 2023

Parker-Hannifin Corp PH reported first-quarter FY24 gross sales progress of 15% year-over-year to $4.85 billion and +2% on an natural foundation, lacking the consensus of $4.88 billion.

Adjusted EPS improved to $5.96 from $4.74 within the first quarter of 2023, beating the consensus of $5.31.

Phase Gross sales: Diversified Industrial North America $2.23 billion (+4.6% Y/Y), Diversified Industrial Worldwide $1.39 billion (+2.5% Y/Y) and Aerospace Methods $1.23 billion (+64.7% Y/Y).

The entire section working margin for the quarter was 22.3%, and on an adjusted foundation, the section working margin expanded 220 bps YoY to 24.9%.

Adjusted EBITDA margin expanded to 24.8% from 23.3% within the first quarter of 2023.

Parker Hannifin’s working money circulate for the quarter totaled $648.96 million, in comparison with $457.36 million within the first quarter of 2023. It held money and equivalents of $448.93 million as of Sept. 30, 2023.

Orders elevated 2% Y/Y, with a 4% lower in Diversified Industrial North American companies and an 8% decline in Diversified Industrial Worldwide companies. 

Orders elevated by 24% Y/Y within the Aerospace Methods Phase on a rolling 12-month common foundation.

FY24 Steering, Up to date: Parker-Hannifin anticipated complete gross sales progress of two.5%-5.5% from the prior 3%-6%. Noticed complete section working margin within the vary of 20%-20.4%, or 23.4%-23.8% on an adjusted foundation.

PH raised its adjusted EPS expectation to $22.60-$23.40 from $21.90-$22.90 versus the consensus $22.62.

PH Value Motion: Parker-Hannifin shares are buying and selling greater by 8.49% at $401.94 on the final examine Thursday.

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