Parker-Hannifin Corp. Q1 FY2024 results: revenue $4.8 billion, up 14.5% on the year

Parker-Hannifin Corp. (PH) reported revenue of $4.8 billion for Q1 FY2024, the quarter ended 30 September 2023, up 14.5% on the same quarter a year earlier. Net income was $651 million, up 67.8% on the year, and diluted earnings per share $4.99. The figures are the company's own, from the 10-Q it filed with the SEC on 7 November 2023.

Revenue$4.8 billionup 14.5%

Net income$651 millionup 67.8%

Diluted EPS$4.99

QuarterQ1 FY2024ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Quarter before	A year earlier	Change on the year
Revenue	4,847	n/a	n/a	n/a
Cost of revenue	3,097	n/a	n/a	n/a
Gross profit	1,750	n/a	n/a	n/a
Gross margin	36.1%	n/a	n/a
Selling, general and administrative	874	n/a	n/a	n/a
Operating income	977	n/a	n/a	n/a
Operating margin	20.2%	n/a	n/a
Interest expense	134	n/a	n/a	n/a
Pre-tax income	820	n/a	n/a	n/a
Income tax	169	n/a	n/a	n/a
Effective tax rate	20.6%	n/a	n/a
Net income	651	n/a	n/a	n/a
Net margin	13.4%	n/a	n/a
Diluted EPS	$4.99	n/a	n/a	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Quarter before	A year earlier	Change on the year
Operating cash flow	650	n/a	n/a	n/a
Capital expenditure	97.7	n/a	n/a	n/a
Free cash flow	552	n/a	n/a	n/a
Free cash flow margin	11.4%	n/a	n/a
Depreciation and amortisation	241	n/a	n/a	n/a
Share-based compensation	77.9	n/a	n/a	n/a
Buybacks	79.3	n/a	n/a	n/a
Dividends paid	190	n/a	n/a	n/a
Dividend per share	$1.48	n/a	n/a	n/a
Diluted shares, weighted	130m	n/a	n/a	n/a
Shares outstanding at period end	128m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Quarter before	A year earlier	Change on the year
Total assets	29,593	n/a	n/a	n/a
Cash and equivalents	449	n/a	n/a	n/a
Inventory	3,029	n/a	n/a	n/a
Goodwill	10,523	n/a	n/a	n/a
Long-term debt including finance leases	8,596	n/a	n/a	n/a
Shareholders' equity	10,565	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *
Revenue	4,847	4,821	5,074	5,187	4,904	4,743	4,960	5,243	5,084	5,174	5,486	5,755
Cost of revenue	3,097	3,102	3,280	3,323	3,098	3,022	3,130	3,285	3,177	3,243	3,469	3,508
Gross profit	1,750	1,719	1,795	1,864	1,806	1,720	1,830	1,958	1,907	1,931	2,017	2,247
Gross margin	36%	36%	35%	36%	37%	36%	37%	37%	38%	37%	37%	39%
SG&A	874	807	816	818	849	782	784	839	873	837	884	874
Operating income	977	966	1,033	1,093	1,058	992	1,108	1,188	1,183	1,182	1,229	1,474
Operating margin	20%	20%	20%	21%	22%	21%	22%	23%	23%	23%	22%	26%
Interest expense	134	129	124	119	113	101	95.9	99.2	101	106	99.0	95.0
Pre-tax income	820	868	920	986	875	1,166	995	1,071	1,040	1,064	1,119	1,340
Tax rate	21%	21%	21%	20%	20%	19%	3%	14%	22%	21%	19%	19%
Net income	651	682	727	785	698	949	961	923	808	845	904	1,091
Net margin	13%	14%	14%	15%	14%	20%	19%	18%	16%	16%	16%	19%
Diluted EPS	$4.99	$5.23	$5.56	$6.06	$5.34	$7.25	$7.37	$7.16	$6.29	$6.60	$7.06	$8.53
Operating cash flow	650	702	795	1,237	744	935	630	1,467	782	862	984	1,736
Capital expenditure	97.7	106	79.2	117	95.3	121	87.7	131	89.0	94.0	103	173
Free cash flow	552	596	716	1,120	649	814	542	1,336	693	768	881	1,563
Buybacks	79.3	59.0	103	91.2	93.8	98.5	668	906	522	145	340	255
Dividends paid	190	191	190	210	210	210	210	231	228	228	227	253
Shares outstanding	128m	128m	129m	129m	129m	129m	128m	127m	126m	126m	126m	126m
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 7 November 2023, accession 0000076334-23-000064: the filing on EDGAR. All of Parker-Hannifin Corp.'s filings: EDGAR company page.

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