ph-20241231

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 December 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 December 31, 2024: 128,764,843

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				Six Months Ended
	December 31,				December 31,
	2024		2023		2024		2023
Net sales	$	4,742,593	$	4,820,947	$	9,646,577	$	9,668,435
Cost of sales	3,022,229		3,101,962		6,119,948		6,199,311
Selling, general and administrative expenses	782,421		806,802		1,631,210		1,680,493

Interest expense	100,802		129,029		213,893		263,497
Other income, net	(328,716)		(85,011)		(359,517)		(163,466)
Income before income taxes	1,165,857		868,165		2,041,043		1,688,600
Income taxes	217,208		186,108		393,866		355,471
Net income	948,649		682,057		1,647,177		1,333,129
Less: Noncontrolling interest in subsidiaries' earnings	107		206		215		451
Net income attributable to common shareholders	$	948,542	$	681,851	$	1,646,962	$	1,332,678

Earnings per share attributable to common shareholders:
Basic	$	7.37	$	5.31	$	12.80	$	10.38
Diluted	$	7.25	$	5.23	$	12.60	$	10.23

See accompanying notes to consolidated financial statements.

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PARKER-HANNIFIN CORPORATION

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(Dollars in thousands)

(Unaudited)


	Three Months Ended				Six Months Ended
	December 31,				December 31,
	2024		2023		2024		2023
Net income	$	948,649	$	682,057	$	1,647,177	$	1,333,129
Less: Noncontrolling interests in subsidiaries' earnings	107		206		215		451
Net income attributable to common shareholders	948,542		681,851		1,646,962		1,332,678

Other comprehensive (loss) income, net of tax
Foreign currency translation adjustment	(449,152)		272,235		(104,606)		49,703
Retirement benefits plan activity	3,410		1,911		6,861		2,729
Other comprehensive (loss) income	(445,742)		274,146		(97,745)		52,432
Less: Other comprehensive (loss) income for noncontrolling interests	(1,048)		415		(628)		776
Other comprehensive (loss) income attributable to common shareholders	(444,694)		273,731		(97,117)		51,656
Total comprehensive income attributable to common shareholders	$	503,848	$	955,582	$	1,549,845	$	1,384,334

See accompanying notes to consolidated financial statements.

- 3 -

PARKER-HANNIFIN CORPORATION

CONSOLIDATED BALANCE SHEET

(Dollars in thousands)

(Unaudited)



	December 31, 2024		June 30, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	395,507	$	422,027
Trade accounts receivable, net	2,445,845		2,865,546
Non-trade and notes receivable	304,829		331,429
Inventories	2,806,983		2,786,800
Prepaid expenses	246,467		252,618
Other current assets	148,831		140,204
Total current assets	6,348,462		6,798,624
Property, plant and equipment	7,039,883		7,074,574
Less: Accumulated depreciation	4,238,891		4,198,906
Property, plant and equipment, net	2,800,992		2,875,668
Deferred income taxes	87,400		92,704
Investments and other assets	1,232,636		1,207,232
Intangible assets, net	7,444,670		7,816,181
Goodwill	10,357,303		10,507,433
Total assets	$	28,271,463	$	29,297,842
LIABILITIES
Current liabilities:
Notes payable and long-term debt payable within one year	$	2,373,286	$	3,403,065
Accounts payable, trade	1,794,884		1,991,639
Accrued payrolls and other compensation	420,477		581,251
Accrued domestic and foreign taxes	364,143		354,659
Other accrued liabilities	1,034,501		982,695
Total current liabilities	5,987,291		7,313,309
Long-term debt	6,667,955		7,157,034
Pensions and other postretirement benefits	409,873		437,490
Deferred income taxes	1,394,882		1,583,923
Other liabilities	684,401		725,193
Total liabilities	15,144,402		17,216,949
EQUITY
Shareholders’ equity:
Serial preferred stock, $.50 par value; authorized 3,000,000 shares; none issued	—		—
Common stock, $.50 par value; authorized 600,000,000 shares; issued 181,046,128 shares at December 31 and June 30	90,523		90,523
Additional paid-in capital	244,191		264,508
Retained earnings	20,331,500		19,104,599
Accumulated other comprehensive (loss)	(1,535,129)		(1,438,012)
Treasury shares, at cost; 52,281,285 shares at December 31 and 52,442,162 shares at June 30	(6,012,532)		(5,949,646)
Total shareholders’ equity	13,118,553		12,071,972
Noncontrolling interests	8,508		8,921
Total equity	13,127,061		12,080,893
Total liabilities and equity	$	28,271,463	$	29,297,842

See accompanying notes to consolidated financial statements.

- 4 -

PARKER-HANNIFIN CORPORATION

CONSOLIDATED STATEMENT OF CASH FLOWS

(Dollars in thousands)

(Unaudited)

SEC Form 10-Q filed by Parker-Hannifin Corporation