Record Q1 sales for Parker Hannifin
By Mike Brezonick04 November 2021
Parker Hannifin Corp., a global supplier of motion and control technologies for mobile and industrial applications, reported record sales for its fiscal first quarter that ended Sept. 30. Sales were a first quarter record of $3.76 billion, an increase of 17% compared with $3.23 billion in the first quarter of fiscal 2021.
Net income was also a first quarter record at $451.2 million, an increase of 41% compared with $319.8 million in the prior year quarter.
“We delivered impressive results in the quarter,” said Chairman and Chief Executive Officer Tom Williams. “Our performance demonstrated operational discipline and agility in a challenging manufacturing environment that coupled increased demand with labor and supply chain constraints. We achieved first quarter records for sales, segment operating margins, net income and earnings per share.”
The Diversified Industrial Segment, which includes mobile hydraulics, filtration, electronic controls for mobile machinery and electrification technologies, saw North American first quarter sales increase 17% to $1.79 billion and operating income rose to $333.7 million compared with $268.8 million in the same period a year ago. International first quarter sales increased 22% to $1.38 billion and operating income was $291.2 million compared with $186.9 million in the same period a year ago.
For the fiscal year ending June 30, 2022, the company has increased guidance for earnings per share to the range of $14.52 to $15.22, or $16.95 to $17.65 on an adjusted basis. Guidance assumes organic sales growth of approximately 7% to 10% compared with the prior year.
“Robust demand trends continue across nearly all of our end markets reinforcing our positive outlook for sales and earnings per share for this fiscal year,” Williams said. “The transformation of our portfolio and the Win Strategy 3.0 continue to position us to deliver sustainable long-term growth and top quartile performance.”