• Parker Reports Fiscal 2023 Second Quarter Results

    ソース: Nasdaq GlobeNewswire / 02 2 2023 07:30:54   America/New_York

    • Record sales, record adjusted net income and record adjusted EPS
    • Sales increased 22% to $4.67 billion; organic sales increased 10%
    • Total segment operating margin was 15.3%, or 21.5% adjusted
    • Net income was $395.2 million, or $618.9 million adjusted
    • EBITDA margin was 19.1%, or 22.4% adjusted
    • EPS were $3.04, or $4.76 adjusted
    • Company increases full year organic growth and adjusted EPS guidance

    CLEVELAND, Feb. 02, 2023 (GLOBE NEWSWIRE) -- Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today reported results for the fiscal 2023 second quarter ended December 31, 2022. Fiscal 2023 second quarter sales were a record at $4.67 billion, an increase of 22%, compared with $3.82 billion in the second quarter of fiscal 2022. Net income was $395.2 million compared with $387.6 million in the prior year quarter. Adjusted net income was $618.9 million, an increase of 6% compared with $582.2 million in the second quarter of fiscal 2022. Earnings per share were $3.04 compared with $2.97 in the second quarter of fiscal 2022. Adjusted earnings per share increased 7% to a record of $4.76 compared with $4.46 in the prior year quarter. Fiscal 2023 year-to-date cash flow from operations was $1.08 billion, or 12.1% of sales, compared with $1.01 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 of Meggitt plc and the related divestiture of the Aircraft Wheel and Brake Division during fiscal 2023.

    “This was another quarter that highlights the consistency with which Parker is able to achieve record levels of performance,” said Chief Executive Officer, Jenny Parmentier. “Our results include the first full quarter of the Meggitt acquisition, which performed very well as our integration teams continue to make great progress. Overall organic sales growth was impressive, with increased organic sales in every segment. Our strong sales and segment margin performance contributed to record adjusted earnings per share for the quarter. Our team continues to drive excellent performance.”

    Segment Results
    Diversified Industrial Segment: North American second quarter sales increased 18% to $2.14 billion and operating income was $419.9 million compared with $337.4 million in the same period a year ago. On an adjusted basis, North American operating income was $466.9 million, or 21.8% of sales, a 50 basis point increase compared with the prior year quarter. International second quarter sales were flat at $1.40 billion and operating income was $285.5 million compared with $291.6 million in the same period a year ago. On an adjusted basis, International operating income was $305.8 million, or 21.9% of sales.

    Aerospace Systems Segment: Second quarter sales increased 84% to $1.14 billion and operating income was $8.8 million compared with $114.8 million in the same period a year ago. On an adjusted basis, operating income was $234.6 million, or 20.6% of sales.

    Parker reported the following orders for the quarter ending December 31, 2022, compared with the same quarter a year ago:

    • Orders increased 3% for total Parker
    • Orders increased 2% in the Diversified Industrial North America businesses
    • Orders decreased 4% in the Diversified Industrial International businesses
    • Orders increased 22% in the Aerospace Systems Segment on a rolling 12-month average basis.

    Outlook
    Parker's outlook for the fiscal year ending June 30, 2023 has been updated. The company expects fiscal 2023 organic sales growth to be in the range of 6% to 8% and earnings per share in the range of $13.50 to $14.00, or $19.20 to $19.70 on an adjusted basis. A reconciliation of forecasted earnings per share to adjusted forecasted earnings per share is included in the financial tables of this press release.

    Parmentier added, "We expect another year of record performance in fiscal 2023. Longer term, we feel very positive about our plans to deliver $300 million of synergies from the acquisition of Meggitt and remain committed to our fiscal year 2027 financial targets. We have a bright future ahead driven by our business system The Win Strategy™, a transformed portfolio and secular growth trends.”

    NOTICE OF CONFERENCE CALL:   Parker Hannifin's conference call and slide presentation to discuss its fiscal 2023 second quarter results are available to all interested parties via live webcast today at 11:00 a.m. ET, at www.phstock.com. A replay of the webcast will be available on the site approximately one hour after the completion of the call and will remain available for one year. To register for e-mail notification of future events please visit www.phstock.com.

    About Parker Hannifin
    Parker Hannifin is a Fortune 250 global leader in motion and control technologies. For more than a century the company has been enabling engineering breakthroughs that lead to a better tomorrow. Parker has increased its annual dividend per share paid to shareholders for 66 consecutive fiscal years, among the top five longest-running dividend-increase records in the S&P 500 index. Learn more at www.parker.com or @parkerhannifin.

    Note on Reclassification
    Effective July 1, 2022, the company began classifying certain expenses, previously classified as cost of sales, as selling, general and administrative expenses (“SG&A”) or within other (income) expense, net. During the integration of recently acquired businesses, the company has seen diversity in practice of the classifications of certain expenses, and the reclassification was made to better align the presentation of expenses on the Consolidated Statement of Income with management’s internal reporting. The expenses reclassified from cost of sales to SG&A relate to certain administrative activities conducted in production facilities and research and development. Foreign currency transaction expense was also reclassified from cost of sales to other (income) expense, net on the Consolidated Statement of Income. These reclassifications had no impact on net income, earnings per share, cash flows, segment reporting or the financial position of the Company and were retrospectively applied to all periods presented in the financial tables of this press release.

    Note on Orders
    Orders provide near-term perspective on the company's outlook, particularly when viewed in the context of prior and future quarterly order rates. However, orders are not in themselves an indication of future performance. All comparisons are at constant currency exchange rates, with the prior year restated to the current-year rates. All exclude acquisitions until they can be reflected in both the numerator and denominator, and divestitures. Aerospace comparisons are rolling 12-month average computations. The total Parker orders number is derived from a weighted average of the year-over-year quarterly % change in orders for Diversified Industrial North America and Diversified Industrial International, and the year-over-year 12-month rolling average of orders for the Aerospace Systems Segment.

    Note on Net Income
    Net income referenced in this press release is equal to net income attributable to common shareholders.

    Note on Non-GAAP Financial Measures
    This press release contains references to non-GAAP financial information including (a) adjusted net income; (b) adjusted earnings per share; (c) adjusted segment operating margins; (d) adjusted segment operating income; (e) EBITDA margin; (f) adjusted EBITDA margin and (g) organic sales growth. The adjusted net income, earnings per share, segment operating margin, adjusted segment operating income and organic sales measures are presented to allow investors and the company to meaningfully evaluate changes in net income, earnings per share and segment operating margins on a comparable basis from period to period. This press release also contains references to EBITDA, EBITDA margin and adjusted EBITDA margin. EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Although EBITDA, EBITDA margin and adjusted EBITDA margin are not measures of performance calculated in accordance with GAAP, we believe that they are useful to an investor in evaluating the results of this quarter versus the prior period. Comparable descriptions of record adjusted results in this release refer only to the period from the first quarter of FY2011 to the periods presented in this release. This period coincides with recast historical financial results provided in association with our FY2014 change in segment reporting. A reconciliation of non-GAAP measures is included in the financial tables of this press release.

    Forward-Looking Statements
    Forward-looking statements contained in this and other written and oral reports are made based on known events and circumstances at the time of release, and as such, are subject in the future to unforeseen uncertainties and risks. Often but not always, these statements may be identified from the use of forward-looking terminology such as “anticipates,” “believes,” “may,” “should,” “could,” “expects,” “targets,” “is likely,” “will,” or the negative of these terms and similar expressions, and include all statements regarding future performance, earnings projections, events or developments. Neither Parker nor any of its respective associates or directors, officers or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements will actually occur. Parker cautions readers not to place undue reliance on these statements. It is possible that the future performance and earnings projections of the company, including its individual segments, may differ materially from past performance or current expectations.

    Among other factors which may affect future performance are: the impact of the global outbreak of COVID-19 and governmental and other actions taken in response; changes in business relationships with and purchases by or from major customers, suppliers or distributors, including delays or cancellations in shipments; disputes regarding contract terms or significant changes in financial condition, changes in contract cost and revenue estimates for new development programs and changes in product mix; ability to identify acceptable strategic acquisition targets; uncertainties surrounding timing, successful completion or integration of acquisitions and similar transactions, including the integration of Meggitt PLC; the ability to successfully divest businesses planned for divestiture and realize the anticipated benefits of such divestitures; the determination to undertake business realignment activities and the expected costs thereof and, if undertaken, the ability to complete such activities and realize the anticipated cost savings from such activities; ability to implement successfully business and operating initiatives, including the timing, price and execution of share repurchases and other capital initiatives; availability, cost increases of or other limitations on our access to raw materials, component products and/or commodities if associated costs cannot be recovered in product pricing; ability to manage costs related to insurance and employee retirement and health care benefits; legal and regulatory developments and changes; compliance costs associated with environmental laws and regulations; potential supply chain and labor disruptions, including as a result of labor shortages; threats associated with international conflicts and efforts to combat terrorism and cyber security risks; uncertainties surrounding the ultimate resolution of outstanding legal proceedings, including the outcome of any appeals; local and global political and competitive market conditions, including global reactions to U.S. trade policies, and resulting effects on sales and pricing; and global economic factors, including manufacturing activity, air travel trends, currency exchange rates, difficulties entering new markets and general economic conditions such as inflation, deflation, interest rates (including fluctuations associated with any potential credit rating decline) and credit availability; inability to obtain, or meet conditions imposed for, required governmental and regulatory approvals; changes in consumer habits and preferences; government actions, including the impact of changes in the tax laws in the United States and foreign jurisdictions and any judicial or regulatory interpretation thereof; and large scale disasters, such as floods, earthquakes, hurricanes, industrial accidents and pandemics. Readers should consider these forward-looking statements in light of risk factors discussed in Parker’s Annual Report on Form 10-K for the fiscal year ended June 30, 2022 and other periodic filings made with the SEC.

    Contact:Media -  
     Aidan Gormley - Director, Global Communications and Branding216-896-3258
     aidan.gormley@parker.com 
       
     Financial Analysts - 
     Jeff Miller - Vice President, Investor Relations216-896-2708
     jeffrey.miller@parker.com 


    PARKER HANNIFIN CORPORATION - DECEMBER 31, 2022    
    CONSOLIDATED STATEMENT OF INCOME       
    (Unaudited) Three Months Ended December 31, Six Months Ended December 31,
    (Dollars in thousands, except per share amounts) 2022  2021*  2022  2021*
    Net sales $4,674,811  $3,824,580 $8,907,586  $7,587,389
    Cost of sales  3,236,812   2,567,595  6,032,268   5,071,977
    Selling, general and administrative expenses 814,966   585,858  1,650,770   1,212,607
    Interest expense  146,931   61,360  264,725   120,710
    Other (income) expense, net  (40,641)  119,443  (60,265)  120,026
    Income before income taxes  516,743   490,324  1,020,088   1,062,069
    Income taxes  121,282   102,595  236,590   222,877
    Net income  395,461   387,729  783,498   839,192
    Less: Noncontrolling interests  224   129  407   435
    Net income attributable to common shareholders$395,237  $387,600 $783,091  $838,757
             
    *Prior period amounts have been reclassified to reflect the income statement reclassification, as described in the attached press release.
             
    Earnings per share attributable to common shareholders:       
    Basic earnings per share $3.08  $3.02 $6.10  $6.52
    Diluted earnings per share $3.04  $2.97 $6.03  $6.42
             
    Average shares outstanding during period - Basic 128,313,322   128,493,725  128,369,162   128,610,223
    Average shares outstanding during period - Diluted 130,045,013   130,581,665  129,961,696   130,585,212
             
             
    CASH DIVIDENDS PER COMMON SHARE       
    (Unaudited) Three Months Ended December 31, Six Months Ended December 31,
    (Amounts in dollars)  2022   2021  2022   2021
    Cash dividends per common share$1.33  $1.03 $2.66  $2.06
             


    RECONCILIATION OF ORGANIC GROWTH       
    (Unaudited) Three Months Ended December 31, Six Months Ended December 31,
      2022  2021  2022  2021 
    Sales growth - as reported 22.2% 12.1% 17.4% 14.2%
    Adjustments:       
    Acquisitions 16.5% % 10.2% %
    Divestitures (0.5)% % (0.3)% %
    Currency(4.1)% (1.1)% (4.7)% (0.2)%
    Organic sales growth 10.3% 13.2% 12.2% 14.4%


    PARKER HANNIFIN CORPORATION - DECEMBER 31, 2022      
    RECONCILIATION OF NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO ADJUSTED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS
    (Unaudited) Three Months Ended December 31, Six Months Ended December 31,
    (Dollars in thousands)  2022   2021   2022   2021 
    Net income attributable to common shareholders$395,237  $387,600  $783,091  $838,757 
    Adjustments:       
    Acquired intangible asset amortization expense 142,256   78,741   229,270   158,512 
    Business realignment charges 5,378   3,645   9,239   6,659 
    Integration costs to achieve  33,418   807   45,409   2,009 
    Acquisition-related expenses 1,983   19,142   162,241   71,341 
    Loss on deal-contingent forward contracts    149,382   389,992   149,382 
    Gain on Aircraft Wheel and Brake divestiture       (372,930)   
    Amortization of inventory step-up to fair value 111,973      130,331    
    Tax effect of adjustments1  (71,391)  (57,139)  (142,246)  (87,780)
    Adjusted net income attributable to common shareholders$618,854  $582,178  $1,234,397  $1,138,880 
             


    RECONCILIATION OF EARNINGS PER DILUTED SHARE TO ADJUSTED EARNINGS PER DILUTED SHARE
    (Unaudited) Three Months Ended December 31, Six Months Ended December 31,
    (Amounts in dollars)  2022   2021   2022   2021 
    Earnings per diluted share$3.04  $2.97  $6.03  $6.42 
    Adjustments:       
    Acquired intangible asset amortization expense 1.09   0.60   1.76   1.21 
    Business realignment charges 0.04   0.03   0.07   0.05 
    Integration costs to achieve 0.26   0.01   0.35   0.02 
    Acquisition-related expenses 0.02   0.15   1.26   0.55 
    Loss on deal-contingent forward contracts    1.14   3.00   1.14 
    Gain on Aircraft Wheel and Brake divestiture       (2.87)   
    Amortization of inventory step-up to fair value 0.86      1.00    
    Tax effect of adjustments1  (0.55)  (0.44)  (1.09)  (0.67)
    Adjusted earnings per diluted share$4.76  $4.46  $9.51  $8.72 
             
    1This line item reflects the aggregate tax effect of all non-tax adjustments reflected in the preceding line items of the table. We estimate the tax effect of each adjustment item by applying our overall effective tax rate for continuing operations to the pre-tax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment.


    PARKER HANNIFIN CORPORATION - DECEMBER 31, 2022    
    RECONCILIATION OF EBITDA TO ADJUSTED EBITDA    
    (Unaudited) Three Months Ended December 31, Six Months Ended December 31,
    (Dollars in thousands)  2022   2021   2022   2021 
    Net sales $4,674,811  $3,824,580  $8,907,586  $7,587,389 
             
    Net income $395,461  $387,729  $783,498  $839,192 
    Income taxes  121,282   102,595   236,590   222,877 
    Depreciation  87,488   65,362   154,455   131,113 
    Amortization  142,256   78,741   229,270   158,512 
    Interest expense  146,931   61,360   264,725   120,710 
    EBITDA  893,418   695,787   1,668,538   1,472,404 
    Adjustments:        
    Business realignment charges  5,378   3,645   9,239   6,659 
    Integration costs to achieve 33,418   807   45,409   2,009 
    Acquisition-related expenses  1,983   19,142   162,241   71,341 
    Loss on deal-contingent forward contracts     149,382   389,992   149,382 
    Gain on Aircraft Wheel and Brake divestiture        (372,930)   
    Amortization of inventory step-up to fair value  111,973      130,331    
    Adjusted EBITDA $1,046,170  $868,763  $2,032,820  $1,701,795 
             
    EBITDA margin  19.1%  18.2%  18.7%  19.4%
    Adjusted EBITDA margin  22.4%  22.7%  22.8%  22.4%


    BUSINESS SEGMENT INFORMATION       
    (Unaudited) Three Months Ended December 31, Six Months Ended December 31,
    (Dollars in thousands)  2022  2021  2022  2021
    Net sales        
    Diversified Industrial:        
    North America $2,140,685 $1,807,024 $4,272,445 $3,600,739
    International  1,397,699  1,399,179  2,752,712  2,775,615
    Aerospace Systems  1,136,427  618,377  1,882,429  1,211,035
    Total net sales $4,674,811 $3,824,580 $8,907,586 $7,587,389
    Segment operating income        
    Diversified Industrial:        
    North America $419,921 $337,417 $872,907 $671,119
    International  285,520  291,555  579,460  582,731
    Aerospace Systems  8,793  114,796  100,944  233,047
    Total segment operating income 714,234  743,768  1,553,311  1,486,897
    Corporate general and administrative expenses 48,901  42,587  100,561  91,659
    Income before interest expense and other expense 665,333  701,181  1,452,750  1,395,238
    Interest expense  146,931  61,360  264,725  120,710
    Other expense  1,659  149,497  167,937  212,459
    Income before income taxes $516,743 $490,324 $1,020,088 $1,062,069
             


    PARKER HANNIFIN CORPORATION - DECEMBER 31, 2022     
    RECONCILIATION OF SEGMENT OPERATING MARGINS TO ADJUSTED SEGMENT OPERATING MARGINS
    (Unaudited) Three Months Ended December 31, Six Months Ended December 31,
    (Dollars in thousands)  2022   2021   2022   2021 
    Diversified Industrial North America sales $2,140,685  $1,807,024  $4,272,445  $3,600,739 
             
    Diversified Industrial North America operating income $419,921  $337,417  $872,907  $671,119 
    Adjustments:        
    Acquired intangible asset amortization  44,358   47,024   90,632   94,287 
    Business realignment charges  1,338   660   1,471   1,613 
    Integration costs to achieve  1,270   329   1,317   660 
    Adjusted Diversified Industrial North America operating income $466,887  $385,430  $966,327  $767,679 
             
    Diversified Industrial North America operating margin  19.6%  18.7%  20.4%  18.6%
    Adjusted Diversified Industrial North America operating margin  21.8%  21.3%  22.6%  21.3%
             
    (Unaudited) Three Months Ended December 31, Six Months Ended December 31,
    (Dollars in thousands)  2022   2021   2022   2021 
    Diversified Industrial International sales $1,397,699  $1,399,179  $2,752,712  $2,775,615 
             
    Diversified Industrial International operating income $285,520  $291,555  $579,460  $582,731 
    Adjustments:        
    Acquired intangible asset amortization  16,819   18,958   33,624   38,700 
    Business realignment charges  3,039   2,387   4,918   4,451 
    Integration costs to achieve  425   478   564   1,349 
    Adjusted Diversified Industrial International operating income $305,803  $313,378  $618,566  $627,231 
             
    Diversified Industrial International operating margin  20.4%  20.8%  21.1%  21.0%
    Adjusted Diversified Industrial International operating margin  21.9%  22.4%  22.5%  22.6%
             
             
    (Unaudited) Three Months Ended December 31, Six Months Ended December 31,
    (Dollars in thousands)  2022   2021   2022   2021 
    Aerospace Systems sales $1,136,427  $618,377  $1,882,429  $1,211,035 
             
    Aerospace Systems operating income $8,793  $114,796  $100,944  $233,047 
    Adjustments:        
    Acquired intangible asset amortization  81,079   12,759   105,014   25,525 
    Business realignment charges  1,001   598   2,850   595 
    Integration costs to achieve  31,723      43,528    
    Amortization of inventory step-up to fair value  111,973      130,331    
    Adjusted Aerospace Systems operating income $234,569  $128,153  $382,667  $259,167 
             
    Aerospace Systems operating margin  0.8%  18.6%  5.4%  19.2%
    Adjusted Aerospace Systems operating margin  20.6%  20.7%  20.3%  21.4%
             
    PARKER HANNIFIN CORPORATION - DECEMBER 31, 2022      
    RECONCILIATION OF SEGMENT OPERATING MARGINS TO ADJUSTED SEGMENT OPERATING MARGINS
    (Unaudited) Three Months Ended December 31, Six Months Ended December 31,
    (Dollars in thousands)  2022   2021   2022   2021 
    Total segment sales $4,674,811  $3,824,580  $8,907,586  $7,587,389 
             
    Total segment operating income $714,234  $743,768  $1,553,311  $1,486,897 
    Adjustments:        
    Acquired intangible asset amortization  142,256   78,741   229,270   158,512 
    Business realignment charges  5,378   3,645   9,239   6,659 
    Integration costs to achieve  33,418   807   45,409   2,009 
    Amortization of inventory step-up to fair value  111,973      130,331    
    Adjusted total segment operating income $1,007,259  $826,961  $1,967,560  $1,654,077 
             
    Total segment operating margin  15.3%  19.4%  17.4%  19.6%
    Adjusted total segment operating margin  21.5%  21.6%  22.1%  21.8%


    PARKER HANNIFIN CORPORATION - DECEMBER 31, 2022    
    CONSOLIDATED BALANCE SHEET     
    (Unaudited) December 31, June 30, December 31,
    (Dollars in thousands)  2022  2022  2021
    Assets      
    Current assets:      
    Cash and cash equivalents $756,055 $535,799 $449,481
    Marketable securities and other investments  21,611  27,862  40,511
    Trade accounts receivable, net  2,578,045  2,341,504  2,041,953
    Non-trade and notes receivable  371,474  543,757  314,897
    Inventories  3,095,722  2,214,553  2,307,306
    Prepaid expenses and other  462,093  6,383,169  2,753,501
    Total current assets  7,285,000  12,046,644  7,907,649
    Property, plant and equipment, net  2,839,524  2,122,758  2,202,932
    Deferred income taxes  133,348  110,585  146,567
    Investments and other assets  1,206,194  788,057  794,814
    Intangible assets, net  8,387,917  3,135,817  3,343,612
    Goodwill  10,668,904  7,740,082  7,999,901
    Total assets $30,520,887 $25,943,943 $22,395,475
           
    Liabilities and equity      
    Current liabilities:      
    Notes payable and long-term debt payable within one year $1,994,333 $1,724,310 $2,201,653
    Accounts payable, trade  1,966,757  1,731,925  1,597,025
    Accrued payrolls and other compensation  453,037  470,132  335,417
    Accrued domestic and foreign taxes  236,227  250,292  294,255
    Other accrued liabilities  1,053,049  1,682,659  829,141
    Total current liabilities  5,703,403  5,859,318  5,257,491
    Long-term debt  12,025,860  9,755,825  6,250,525
    Pensions and other postretirement benefits  807,124  639,939  959,741
    Deferred income taxes  1,751,321  307,044  558,986
    Other liabilities  898,703  521,897  600,452
    Shareholders' equity  9,322,380  8,848,011  8,755,082
    Noncontrolling interests  12,096  11,909  13,198
    Total liabilities and equity $30,520,887 $25,943,943 $22,395,475
           


    PARKER HANNIFIN CORPORATION - DECEMBER 31, 2022  
    CONSOLIDATED STATEMENT OF CASH FLOWS    
    (Unaudited) Six Months Ended December 31,
    (Dollars in thousands)  2022   2021 
    Cash flows from operating activities:    
    Net income $783,498  $839,192 
    Depreciation and amortization  383,725   289,625 
    Share incentive plan compensation  89,709   79,385 
    Gain on sale of businesses  (377,251)  (1,520)
    Gain on disposal of property, plant and equipment  (2,551)  (7,880)
    Gain on marketable securities  (1,354)  (4,948)
    Gain on investments  (2,929)  (1,487)
    Net change in receivables, inventories and trade payables  112,216   (147,481)
    Net change in other assets and liabilities  (112,066)  (16,498)
    Other, net  203,137   (22,919)
    Net cash provided by operating activities  1,076,134   1,005,469 
    Cash flows from investing activities:    
    Acquisitions (net of cash of $89,704 in 2022)  (7,146,110)   
    Capital expenditures  (185,704)  (105,606)
    Proceeds from sale of property, plant and equipment  11,632   22,392 
    Proceeds from sale of businesses  447,300   2,466 
    Purchases of marketable securities and other investments  (25,198)  (10,150)
    Maturities and sales of marketable securities and other investments  30,594   13,742 
    Payments of deal-contingent forward contracts  (1,405,418)   
    Other  251,174   2,789 
    Net cash used in investing activities  (8,021,730)  (74,367)
    Cash flows from financing activities:    
    Net payments for common stock activity  (119,944)  (317,512)
    Net proceeds from debt  1,536,211   1,900,844 
    Financing fees paid  (8,911)  (52,108)
    Dividends paid  (342,360)  (265,556)
    Net cash provided by financing activities  1,064,996   1,265,668 
    Effect of exchange rate changes on cash  (11,221)  6,978 
    Net (decrease) increase in cash, cash equivalents and restricted cash  (5,891,821)  2,203,748 
    Cash, cash equivalents and restricted cash at beginning of year  6,647,876   733,117 
    Cash, cash equivalents and restricted cash at end of period $756,055  $2,936,865 
         


       
    PARKER HANNIFIN CORPORATION - DECEMBER 31, 2022 
    RECONCILIATION OF FORECASTED EARNINGS PER DILUTED SHARE TO ADJUSTED FORECASTED EARNINGS PER DILUTED SHARE
       
    (Unaudited)  
    (Amounts in dollars) Fiscal Year 2023
    Forecasted earnings per diluted share$13.50 to $14.00
    Adjustments: 
    Business realignment charges0.23
    Costs to achieve 0.54
    Acquisition-related intangible asset amortization expense 4.00
    Acquisition-related expenses 2.55
    Loss on deal-contingent forward contracts 3.00
    Gain on Aircraft Wheel & Brake divestiture (2.87)
    Tax effect of adjustments1 (1.75)
    Adjusted forecasted earnings per diluted share$19.20 to $19.70
       
    1This line item reflects the aggregate tax effect of all non-tax adjustments reflected in the preceding line items of the table. We estimate the tax effect of each adjustment item by applying our overall effective tax rate for continuing operations to the pre-tax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment.

     

     


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