{"id":754870,"date":"2023-05-04T09:21:51","date_gmt":"2023-05-04T13:21:51","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/parker-reports-fiscal-2023-third-quarter-results\/"},"modified":"2023-05-04T09:21:51","modified_gmt":"2023-05-04T13:21:51","slug":"parker-reports-fiscal-2023-third-quarter-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/parker-reports-fiscal-2023-third-quarter-results\/","title":{"rendered":"Parker Reports Fiscal 2023 Third Quarter Results"},"content":{"rendered":"
\n

\n – Record sales, and adjusted segment operating margin, EBITDA margin, net income and EPS
<\/em>
\n – Sales increased 24% to <\/em>
\n $5.1<\/em>
\n billion; organic sales increased <\/em>
\n 12%
<\/em>
\n – Segment operating margin was <\/em>
\n 18.8%<\/em>
\n , o<\/em>
\n r 23.2%<\/em>
\n adjusted, an increase of 50 bps
<\/em>
\n – Net income was <\/em>
\n $590.9<\/em>
\n million, or <\/em>
\n $771.9<\/em>
\n million adjusted
<\/em>
\n – EBITDA margin was <\/em>
\n 22.4%<\/em>
\n , or <\/em>
\n 24.2%<\/em>
\n adjusted, an increase of 160 bps
<\/em>
\n – EPS were <\/em>
\n $4.54<\/em>
\n , or <\/em>
\n $5.93<\/em>
\n adjusted, an increase of 23%
<\/em>
\n – <\/em>
\n Debt reduction of $615 million in the quarter
<\/em>
\n –<\/em>\u00a0Company increases full year organic growth and adjusted EPS guidance<\/em><\/p>\n

CLEVELAND, May 04, 2023 (GLOBE NEWSWIRE) — Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today reported results for the fiscal 2023 third quarter ended March\u00a031, 2023. Fiscal 2023 third quarter sales were a record at $5.1 billion, an increase of 24%, compared with $4.1 billion in the third quarter of fiscal 2022. Net income was $590.9 million compared with $348.0 million in the prior year quarter. Adjusted net income was $771.9 million, an increase of 22% compared with $630.2 million in the third quarter of fiscal 2022. Earnings per share were $4.54 compared with $2.67 in the third quarter of fiscal 2022. Adjusted earnings per share increased 23% to a record of $5.93 compared with $4.83 in the prior year quarter. Fiscal 2023 year-to-date cash flow from operations increased 16% to $1.8 billion, or 12.8% of sales compared with $1.5 billion, or 13.3% of sales, in the prior year. A reconciliation of non-GAAP measures is included in the financial tables of this press release and includes various expenses associated with the completion of the acquisition and divestitures during fiscal 2023.<\/p>\n

\u201cThis was an outstanding quarter for Parker, driven by our engaged team that continues to deliver record financial performance,\u201d said Chief Executive Officer, Jenny Parmentier. \u201cFor the first time, quarterly sales surpassed $5 billion and we achieved record adjusted segment operating margin and adjusted earnings per share. Demand remained strong across the company with double-digit organic sales growth, record backlog and positive order levels. Meggitt’s team members and technologies are bringing significant value to our portfolio, and we are pleased to report that the integration and synergies are ahead of schedule.\u201d<\/p>\n

\n
\n Segment Results<\/u>
\n <\/strong>
\n
\n Diversified Industrial Segment:<\/em> North American third quarter sales increased 16% to $2.3 billion and operating income was $489.3 million compared with $414.0 million in the same period a year ago. On an adjusted basis, North American operating income was $536.7 million, or 22.9% of sales. International third quarter sales increased 6% to $1.5 billion and operating income was $329.5 million compared with $298.5 million in the same period a year ago. On an adjusted basis, International operating income was $357.0 million, or 23.4% of sales, a 70 basis point increase compared with the prior year quarter.<\/p>\n

\n Aerospace Systems Segment: <\/em>Third quarter sales increased 89% to $1.2 billion and operating income was $133.9 million compared with $119.0 million in the same period a year ago. On an adjusted basis, operating income was $281.3 million, or 23.5% of sales, a 160 basis point increase compared with the prior year quarter.<\/p>\n

\n
\n Orders<\/u>
\n <\/strong>
\n
Beginning in the third quarter of fiscal 2023, order comparisons include Meggitt to better reflect the transformation of Parker’s portfolio and its effect on order rates. The company reported the following orders for the quarter ending March\u00a031, 2023, compared with the same quarter a year ago:<\/p>\n