• All-time records for sales, net income, EPS, operating cash flow and segment operating margins
  • Fourth quarter sales increased 25% to $3.96 billion, organic sales increased 22%
  • Fourth quarter segment operating margin was 20.0% as reported, or 22.2% adjusted
  • Fourth quarter EPS increased 72% to $3.84 as reported, or $4.38 adjusted
  • Full year net income was $1.75 billion; EPS were $13.35 as reported, or $15.04 adjusted
  • Full year total segment operating margin was 18.4% as reported, or 21.1% adjusted
  • Full year EBITDA margin was 21.6% as reported, or 21.3% adjusted
  • Full year cash flow from operations was $2.58 billion, or 17.9% of sales
  • Announced offer to acquire Meggitt to nearly double the size of the Aerospace Systems Segment

CLEVELAND, Aug. 05, 2021 (GLOBE NEWSWIRE) -- Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today reported results for the fiscal 2021 fourth quarter and full year ended June 30, 2021. Fiscal 2021 fourth quarter sales were an all-time quarterly record at $3.96 billion, an increase of 25% compared with $3.16 billion in the fourth quarter of fiscal 2020. Net income was also a record at $504.8 million, an increase of 74% compared with $289.5 million in the prior year quarter. Fiscal 2021 fourth quarter earnings per share were also an all-time quarterly record at $3.84, an increase of 72% compared with $2.23 in the fourth quarter of fiscal 2020. Adjusted earnings per share increased 46% to $4.38 compared with adjusted earnings per share of $2.99 in the prior year quarter. A reconciliation of non-GAAP measures is included in the financial tables of this press release.

“We had an outstanding fourth quarter that capped off a record year for Parker,” said Chairman and Chief Executive Officer, Tom Williams. “Despite extraordinary challenges, we generated record financial performance in fiscal 2021, setting all-time highs for sales, net income, earnings per share, segment operating margins and cash flow from operations. Notably, our full year adjusted segment operating margins reached 21.1%, a 220 basis point improvement versus the prior year. Our continued execution of The Win Strategy™ is taking our performance to new heights. My thanks to all Parker team members for their contributions to a great year.”

For the full year, fiscal 2021 sales were a record at $14.35 billion, an increase of 5% compared with $13.70 billion in fiscal 2020. Net income was a record at $1.75 billion, a 45% increase compared with $1.20 billion in the prior year period. Fiscal 2021 earnings per share increased 44% to a record $13.35 compared with $9.26 in fiscal 2020. Adjusted earnings per share increased 21% to $15.04 compared with $12.44 in fiscal 2020. Fiscal 2021 cash flow from operations was an all-time record at $2.58 billion, or 17.9% of sales, compared with $2.07 billion, or 15.1% of sales in the prior year period.

In the fiscal 2021 fourth quarter, the company made debt repayments of $184 million, bringing the cumulative debt reduction to approximately $3.4 billion over the last 20 months. The company has now retired all serviceable debt bringing the multiple of gross debt to EBITDA down to 2.1 times.

Segment Results
Diversified Industrial Segment: North American fourth quarter sales increased 27% to $1.82 billion and operating income was $360.4 million compared with $219.8 million in the same period a year ago. International fourth quarter sales increased 37% to $1.51 billion and operating income was $306.5 million compared with $175.4 million in the same period a year ago.

Aerospace Systems Segment: Fourth quarter sales increased 1% to $630.0 million and operating income was $123.1 million compared with $105.4 million in the same period a year ago.

Parker reported the following orders for the quarter ending June 30, 2021, compared with the same quarter a year ago:

  • Orders increased 43% for total Parker
  • Orders increased 56% in the Diversified Industrial North America businesses
  • Orders increased 58% in the Diversified Industrial International businesses
  • Orders decreased 7% in the Aerospace Systems Segment on a rolling 12-month average basis

Offer to Acquire Meggitt PLC
As previously announced on August 2, 2021, the company has reached an agreement on the terms of a recommended cash acquisition of the entire issued and to be issued ordinary share capital of Meggitt PLC, an international group and a world leader in aerospace, defense and energy. The acquisition is expected to close in approximately 12 months, subject to customary closing conditions, including regulatory clearances and approval by Meggitt’s shareholders.

“The combination of Parker and Meggitt is an exciting opportunity for both companies’ team members, customers, shareholders and communities,” said Tom Williams, Chairman and Chief Executive Officer. “We strongly believe Parker is the right home for Meggitt. Together, we can better serve our customers through innovation, accelerated R&D and a complementary portfolio of aerospace and defense technologies.

“We are committed to being a responsible steward of Meggitt and are pleased our acquisition has the full support of Meggitt’s Board. We fully understand these responsibilities and are making a number of strong commitments that reflect them. During our longstanding presence in the UK we have built great respect for Meggitt, its heritage, and its place in British industry. Our own journey over more than 100 years has taught us the importance of a strong culture and reputation.”

Outlook
For the fiscal year ending June 30, 2022, the company has issued guidance for earnings per share to the range of $14.08 to $14.88, or $16.20 to $17.00 on an adjusted basis. Guidance assumes organic sales growth of approximately 5% to 9% compared with the prior year. Fiscal 2022 guidance is adjusted on a pre-tax basis for expected business realignment expenses of approximately $35 million, LORD costs to achieve of approximately $7 million and acquisition-related intangible asset amortization of approximately $320 million. A reconciliation of forecasted earnings per share to adjusted forecasted earnings per share is included in the financial tables of this press release.

Williams added, “We are encouraged by the positive demand trends across many of our end markets and anticipate a continued recovery in commercial aerospace during fiscal 2022. We expect this improving macro-economic outlook to enhance the impact of our continued actions to drive profitable growth by executing the Win Strategy and delivering top quartile financial performance.”

NOTICE OF CONFERENCE CALL: Parker Hannifin's conference call and slide presentation to discuss its fiscal 2021 fourth quarter and full year 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 65 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 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. 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 Inventories
During the fourth quarter of fiscal 2021, the company voluntarily changed its method of accounting for certain domestic inventory previously valued by the last-in, first-out (LIFO) method to the first-in, first-out (FIFO) method. This accounting change has been retrospectively applied to all periods presented in the financial tables of this press release.

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 earnings per share; (b) adjusted total segment operating margin; (c) EBITDA margin; and (d) adjusted EBITDA margin. The adjusted earnings per share and total segment operating margin measures are presented to allow investors and the company to meaningfully evaluate changes in earnings per share and total segment operating margin 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. 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,” “potential,” “continues,” “plans,” “forecasts,” “estimates,” “projects,” “predicts,” “would,” “intends,” “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 in this press release 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, depending on economic conditions within its mobile, industrial and aerospace markets, and the company's ability to maintain and achieve anticipated benefits associated with announced realignment activities, strategic initiatives to improve operating margins, actions taken to combat the effects of the current economic environment, and growth, innovation and global diversification initiatives. Additionally, the actual impact of changes in tax laws in the United States and foreign jurisdictions and any judicial or regulatory interpretation thereof on future performance and earnings projections may impact the company’s tax calculations. A change in the economic conditions in individual markets may have a particularly volatile effect on segment performance.

The risks and uncertainties in connection with such forward-looking statements related to the proposed acquisition of Meggitt include, but are not limited to, the occurrence of any event, change or other circumstances that could delay the closing of the proposed acquisition; the possibility of non-consummation of the proposed Acquisition; the failure to satisfy any of the conditions to the proposed acquisition (including the satisfaction of the conditions detailed in the Rule 2.7 announcement); the possibility that a governmental entity may prohibit the consummation of the proposed acquisition or may delay or refuse to grant a necessary regulatory approval in connection with the proposed acquisition, or that in order for the parties to obtain any such regulatory approvals, conditions are imposed that adversely affect the anticipated benefits from the proposed acquisition or cause the parties to abandon the proposed acquisition; adverse effects on Parker’s common stock because of the failure to complete the proposed acquisition; Parker’s business experiencing disruptions due to acquisition-related uncertainty or other factors making it more difficult to maintain relationships with employees, business partners or governmental entities; the possibility that the expected synergies and value creation from the proposed acquisition will not be realized or will not be realized within the expected time period; the parties being unable to successfully implement integration strategies; and significant transaction costs related to the proposed acquisition. 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, 2020 and other periodic filings made with the SEC.

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 LORD Corporation or Exotic Metals; 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 capital allocation initiatives, including timing, price and execution of share repurchases; availability, limitations or cost increases of raw materials, component products and/or commodities that 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 labor disruptions; threats associated with and efforts to combat terrorism and cyber-security risks; uncertainties surrounding the ultimate resolution of outstanding legal proceedings, including the outcome of any appeals; global 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 and credit availability; local and global political and economic conditions; inability to obtain, or meet conditions imposed for, required governmental and regulatory approvals; changes in consumer habits and preferences; foreign exchange rate fluctuations and interest rate fluctuations (including those from any potential credit rating decline); government actions and natural phenomena such as floods, earthquakes, hurricanes and pandemics; and success of business and operating initiatives.

PARKER HANNIFIN CORPORATION - JUNE 30, 2021
CONSOLIDATED STATEMENT OF INCOME
(Unaudited) Three Months Ended June 30, Twelve Months Ended June 30,
(Dollars in thousands, except per share amounts) 2021    2020*    2021    2020*  
Net sales $3,958,869   $3,160,603   $14,347,640   $13,695,520  
Cost of sales 2,832,281   2,365,531   10,449,680   10,292,291  
Selling, general and administrative expenses414,048   352,793   1,527,302   1,656,553  
Interest expense 60,258   74,549   250,036   308,161  
Other (income) expense, net (4,269)  5,374   (126,335)  (68,339) 
Income before income taxes 656,551   362,356   2,246,957   1,506,854  
Income taxes 151,582   72,879   500,096   304,522  
Net income 504,969   289,477   1,746,861   1,202,332  
Less: Noncontrolling interests 176   (21)  761   362  
Net income attributable to common shareholders$504,793   $289,498   $1,746,100   $1,201,970  
         
Earnings per share attributable to common shareholders:       
Basic earnings per share $3.91   $2.25   $13.54   $9.36  
Diluted earnings per share $3.84   $2.23   $13.35   $9.26  
         
Average shares outstanding during period - Basic 129,192,426    128,523,334    128,999,879    128,418,495  
Average shares outstanding during period - Diluted 131,554,199    129,993,001    130,834,478    129,805,034  
         
         
CASH DIVIDENDS PER COMMON SHARE       
(Unaudited) Three Months Ended June 30, Twelve Months Ended June 30,
(Amounts in dollars)  2021    2020    2021    2020  
Cash dividends per common share$1.03   $0.88   $3.67   $3.52  
         
RECONCILIATION OF EARNINGS PER DILUTED SHARE TO ADJUSTED EARNINGS PER DILUTED SHARE
(Unaudited) Three Months Ended June 30, Twelve Months Ended June 30,
(Amounts in dollars)  2021    2020*    2021    2020*  
Earnings per diluted share$3.84   $2.23   $13.35   $9.26  
Adjustments:       
Acquired intangible asset amortization expense0.62   0.62   2.49   2.19  
Business realignment charges0.06   0.37   0.36   0.59  
Lord costs to achieve0.01   0.02   0.08   0.16  
Exotic costs to achieve—   —   —   0.01  
Acquisition-related expenses0.03   0.03   0.03   1.45  
Gain on sale of land —   —   (0.77)  —  
Tax effect of adjustments1 (0.18)  (0.23)  (0.50)  (1.03) 
Favorable tax settlement—   (0.05)  —   (0.19) 
Adjusted earnings per diluted share$4.38   $2.99   $15.04   $12.44  
         
*Prior periods have been adjusted to reflect the change in inventory accounting method, as described in the attached press release.
         
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 - JUNE 30, 2021
RECONCILIATION OF EBITDA TO ADJUSTED EBITDA
(Unaudited) Three Months Ended June 30, Twelve Months Ended June 30,
(Dollars in thousands)  2021   2020*   2021    2020* 
Net sales $3,958,869  $3,160,603  $14,347,640    $13,695,520 
         
Net income $504,969  $289,477  $1,746,861   $1,202,332 
Income taxes 151,582  72,879  500,096   304,522 
Depreciation and amortization 146,582  146,582  595,390   537,531 
Interest expense 60,258  74,549  250,036   308,161 
EBITDA 863,391  583,487  3,092,383   2,352,546 
Adjustments:        
Business realignment charges 7,792  47,601  47,862   75,614 
Lord costs to achieve1,727  2,166  11,222   20,669 
Exotic costs to achieve20  338  719   1,908 
Acquisition-related expenses 3,549  4,437  3,549   188,518 
Gain on sale of land —  —  (100,893)  — 
Adjusted EBITDA $876,479  $638,029  $3,054,842   $2,639,255 
         
EBITDA margin 21.8% 18.5% 21.6 % 17.2%
Adjusted EBITDA margin 22.1% 20.2% 21.3 % 19.3%
         
*Prior periods have been adjusted to reflect the change in inventory accounting method, as described in the attached press release.


PARKER HANNIFIN CORPORATION - JUNE 30, 2021    
BUSINESS SEGMENT INFORMATION
(Unaudited) Three Months Ended June 30, Twelve Months Ended June 30,
(Dollars in thousands)  2021   2020*   2021    2020* 
Net sales        
Diversified Industrial:        
North America $1,823,078  $1,440,263  $6,676,449   $6,456,298 
International 1,505,835  1,096,380  5,283,710   4,504,587 
Aerospace Systems 629,956  623,960  2,387,481   2,734,635 
Total net sales $3,958,869  $3,160,603  $14,347,640   $13,695,520 
Segment operating income        
Diversified Industrial:        
North America $360,378  $219,785  $1,247,419   $985,944 
International 306,513  175,420  988,054   674,763 
Aerospace Systems 123,097  105,441  402,895   476,900 
Total segment operating income789,988  500,646  2,638,368   2,137,607 
Corporate general and administrative expenses54,883  37,999  178,427   170,903 
Income before interest expense and other expense735,105  462,647  2,459,941   1,966,704 
Interest expense 60,258  74,549  250,036   308,161 
Other expense (income) 18,296  25,742  (37,052)  151,689 
Income before income taxes $656,551  $362,356  $2,246,957   $1,506,854 
         
*Prior periods have been adjusted to reflect the change in inventory accounting method, as described in the attached press release.


PARKER HANNIFIN CORPORATION - JUNE 30, 2021
RECONCILIATION OF TOTAL SEGMENT OPERATING MARGIN TO ADJUSTED TOTAL SEGMENT OPERATING MARGIN
         
(Unaudited) Three Months Ended Three Months Ended
(Dollars in thousands) June 30, 2021 June 30, 2020
  Operating
income		 Operating
margin		 Operating
income		 Operating
margin
Total segment operating income $789,988  20.0% $500,646  15.8%
Adjustments:        
Acquired intangible asset amortization expense 81,254    80,737   
Business realignment charges 7,347    46,619   
Lord costs to achieve 1,727    2,166   
Exotic costs to achieve 20    338   
Adjusted total segment operating income $880,336  22.2% $630,506  19.9%
         
  Twelve Months Ended Twelve Months Ended
  June 30, 2021 June 30, 2020
  Operating
income		 Operating
margin		 Operating
income		 Operating
margin
Total segment operating income $2,638,368  18.4% $2,137,607  15.6%
Adjustments:        
Acquired intangible asset amortization expense 325,447    284,632   
Business realignment charges 45,237    74,389   
Lord costs to achieve 11,222    20,669   
Exotic costs to achieve 719    1,908   
Acquisition-related expenses —     69,304   
Adjusted total segment operating income $3,020,993  21.1% $2,588,509  18.9%
         
         


PARKER HANNIFIN CORPORATION - JUNE 30, 2021
CONSOLIDATED BALANCE SHEET   
(Unaudited) June 30, June 30,
(Dollars in thousands) 2021 2020*
Assets    
Current assets:    
Cash and cash equivalents $733,117  $685,514 
Marketable securities and other investments 39,116  70,805 
Trade accounts receivable, net 2,183,594  1,854,398 
Non-trade and notes receivable 326,315  244,870 
Inventories 2,090,642  1,964,195 
Prepaid expenses and other 243,966  214,986 
Total current assets 5,616,750  5,034,768 
Property, plant and equipment, net 2,266,476  2,292,735 
Deferred income taxes 104,251  126,839 
Investments and other assets 774,239  764,563 
Intangible assets, net 3,519,797  3,798,913 
Goodwill 8,059,687  7,869,935 
Total assets $20,341,200  $19,887,753 
     
Liabilities and equity    
Current liabilities:    
Notes payable and long-term debt payable within one year $2,824  $809,529 
Accounts payable, trade 1,667,878  1,111,759 
Accrued payrolls and other compensation 507,027  424,231 
Accrued domestic and foreign taxes 236,384  195,314 
Other accrued liabilities 682,390  607,540 
Total current liabilities 3,096,503  3,148,373 
Long-term debt 6,582,053  7,652,256 
Pensions and other postretirement benefits 1,055,638  1,887,414 
Deferred income taxes 553,981  418,851 
Other liabilities 639,355  539,089 
Shareholders' equity 8,398,307  6,227,224 
Noncontrolling interests 15,363  14,546 
Total liabilities and equity $20,341,200  $19,887,753 
     
*Prior periods have been adjusted to reflect the change in inventory accounting method, as described in the attached press release.


PARKER HANNIFIN CORPORATION - JUNE 30, 2021 
CONSOLIDATED STATEMENT OF CASH FLOWS    
(Unaudited) Twelve Months Ended June 30,
(Dollars in thousands)  2021    2020*  
Cash flows from operating activities:    
Net income $1,746,861   $1,202,332  
Depreciation and amortization 595,390   537,531  
Share incentive plan compensation 121,483   111,375  
Gain on property, plant and equipment (109,332)  (1,850) 
Gain on marketable securities (11,570)  (587) 
Gain on investments (12,616)  (2,084) 
Net change in receivables, inventories and trade payables 142,673   415,025  
Net change in other assets and liabilities 150,136   (211,049) 
Other, net (48,024)  20,256  
Net cash provided by operating activities 2,575,001   2,070,949  
Cash flows from investing activities:    
Acquisitions (net of cash of $82,192 in 2020) —    (5,076,064) 
Capital expenditures (209,957)  (232,591) 
Proceeds from sale of property, plant and equipment 140,590   26,345  
Purchases of marketable securities and other investments (34,809)  (194,742) 
Maturities and sales of marketable securities and other investments 79,419   275,483  
Other 24,744   177,576  
Net cash used in investing activities (13)  (5,023,993) 
Cash flows from financing activities:    
Net payments for common stock activity (214,134)  (213,426) 
Acquisition of noncontrolling interests —    (1,200) 
Net (payments for) proceeds from debt (1,934,031)  1,117,774  
Dividends paid (475,174)  (453,838) 
Net cash (used in) provided by financing activities (2,623,339)  449,310  
Effect of exchange rate changes on cash 95,954   (30,519) 
Net increase (decrease) in cash and cash equivalents 47,603   (2,534,253) 
Cash and cash equivalents at beginning of year 685,514   3,219,767  
Cash and cash equivalents at end of period $733,117   $685,514  
     
*Prior periods have been adjusted to reflect the change in inventory accounting method, as described in the attached press release.


   
PARKER HANNIFIN CORPORATION - JUNE 30, 2021
RECONCILIATION OF FORECASTED EARNINGS PER DILUTED SHARE TO ADJUSTED FORECASTED EARNINGS PER DILUTED SHARE
   
(Unaudited)  
(Amounts in dollars) Fiscal Year 2022
Forecasted earnings per diluted share$14.08 to $14.88
Adjustments: 
Business realignment charges0.27 
Costs to achieve 0.05 
Acquisition-related intangible asset amortization expense 2.43 
Tax effect of adjustments1 (0.60) 
Adjusted forecasted earnings per diluted share$16.20 to $17.00
   
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 - JUNE 30, 2021
LIFO ACCOUNTING CHANGE
(Unaudited)
 
During the fourth quarter of fiscal 2021, the company voluntarily changed its method of accounting for certain domestic inventory previously valued by the LIFO method to the FIFO method. The effects of the change in accounting principle from LIFO to FIFO have been retrospectively applied to all periods presented in the table below. The impact of this accounting change for fiscal 2021 caused a $0.11 increase in earnings per share.
           
Recast Results
  Three Months Ended
Dollars in thousands, except per share amounts September 30, 2020  December 31, 2020 March 31, 2021 June 30, 2021
Consolidated Statements of Income       
Cost of sales $2,386,449   $2,518,165  $2,712,785  $2,832,281 
Income before income taxes 413,174   577,892  599,340  656,551 
Income tax expense 93,063   129,350  126,101  151,582 
Net income 320,111   448,542  473,239  504,969 
Net income attributable to common shareholders 319,803   448,351  473,153  504,793 
          
Earnings per share attributable to common shareholders:       
Basic $2.48   $3.48  $3.67  $3.91 
Diluted $2.45   $3.42  $3.60  $3.84 
          
  Three Months Ended
Dollars in thousands, except per share amounts September 30, 2019  December 31, 2019 March 31, 2020 June 30, 2020
Consolidated Statements of Income         
Cost of sales $2,480,992  $2,686,131 $2,759,637 $2,365,531 
Income before income taxes 431,905  251,380 461,213 362,356 
Income tax expense 93,811  49,331 88,501 72,879 
Net income 338,094  202,049 372,712 289,477 
Net income attributable to common shareholders 337,951  201,925 372,596 289,498 
          
Earnings per share attributable to common shareholders:       
Basic $2.63  $1.57 $2.90 $2.25 
Diluted $2.60  $1.55 $2.87 $2.23 
          


Contact:Media -  
 Aidan Gormley - Director, Global Communications and Branding216-896-3258
 aidan.gormley@parker.com 
   
 Financial Analysts - 
 Robin J. Davenport, Vice President, Corporate Finance216-896-2265
 rjdavenport@parker.com 
   

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Source: Parker-Hannifin Corporation

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