Parker Hannifin set quarterly records

Parker Hannifin Corp., the global supplier of motion and control technologies, reported that its sales for the first quarter ending Sept. 30 were a record at $4.23 billion, an increase of 12%, compared with $3.76 billion in the first quarter of fiscal 2022.

Net income was $387.9 million compared with $451.2 million in the prior year quarter, while adjusted net income was $615.5 million, an increase of 11% compared with $556.7 million in the first quarter of fiscal 2022.

“Our global team delivered yet another quarter of impressive performance and we reached an important milestone by completing the acquisition of Meggitt plc,” said Chairman and Chief Executive Officer, Tom Williams. “Sales were an all-time quarterly record despite currency headwinds as we had strong levels of organic growth in every region.”

In the Diversified Industrial Segment, which includes the company’s mobile hydraulics and control products, North American first quarter sales increased 19% to $2.13 billion and operating income was $453.0million compared with $333.7 million in the same period a year ago. International first quarter sales fell 2% to $1.36 billion and operating income was $293.9 million compared with $291.2 million in the same period a year ago.

Parker’s outlook for the fiscal year ending June 30, 2023 has been updated and the company expects fiscal 2023 organic sales growth to be in the range of 4.5% to 7.5%.