Parker-Hannifin Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2012; Provides Earnings Guidance for the Fiscal Year 2013
January 18, 2013 at 02:33 pm
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Parker-Hannifin Corporation reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2012. For the quarter, the company reported net sales of $3,065,495,000 compared to $3,106,832,000 a year ago. Income before income taxes was $262,629,000 compared to $338,947,000 a year ago. Net income attributable to common shareholders was $180,962,000 or $1.19 per diluted share compared to $240,766,000 or $1.56 per diluted share a year ago. The year-over-year decline in earnings per share reflect the continued weakness in Europe, Asia and Latin America. The company generated $354 million in operating cash flow in the quarter or 11.6% of sales. Operating income decreased from $196 million to $184 million, and that was a 6% decrease over the prior year. Operating margins of 15.4% for the quarter decreased 120 basis points from second quarter the last year.
For the six months period, the company reported net sales of $6,280,430,000 compared to $6,340,713,000 a year ago. Income before income taxes was $598,687,000 compared to $750,532,000 a year ago. Net income attributable to common shareholders was $420,703,000 or $2.77 per diluted share compared to $537,784,000 or $3.47 per diluted share a year ago. Net cash provided by operating activities was $347,338,000 compared to $563,416,000 a year ago. Capital expenditures were $140,221,000 compared to $96,897,000 a year ago.
The company provided earnings guidance for the fiscal year 2013. For the fiscal year ending June 30, 2013, the company has maintained guidance for earnings from continuing operations in the range of $6.15 to $6.75 per diluted share.
Parker Hannifin Corporation specializes in designing, manufacturing, and selling monitoring and control systems. Net sales break down by family of products as follows:
- industrial systems (84.1%): industrial pipes, pipe connectors and adapters, oil filters, air filters, motors, hydraulic pumps and valves, pneumatic accessories, diagnostic equipment, climate control and monitoring systems (carbonic gas control systems, electronic controllers, pressure regulators, electromagnetic valves, thermostatic pressure relief valves), etc. North America accounts for 57.7% of net sales;
- aerospace systems and components (15.9%): flight control systems, fluid flow automation and monitoring systems, hydraulic components, brakes, etc. intended for military and commercial aircraft.
Net sales break down geographically as follows: North America (64.4%), Europe (19.9%), Asia-Pacific (14.4%) and Latin America (1.3%).
Parker-Hannifin Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2012; Provides Earnings Guidance for the Fiscal Year 2013