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Parker-Hannifin Corporation - PH STOCK NEWS

Welcome to our dedicated page for Parker-Hannifin Corporation news (Ticker: PH), a resource for investors and traders seeking the latest updates and insights on Parker-Hannifin Corporation stock.

Parker-Hannifin Corporation (NYSE: PH) is a Fortune 250 global leader in motion and control technologies. For over a century, Parker has been engineering breakthroughs across a wide array of diversified industrial and aerospace markets. The company's products and services are crucial to a variety of applications, including the manufacture and processing of raw materials, durable goods, infrastructure development, and various forms of transport.

Parker operates through two major segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial segment covers technologies such as engineered materials, filtration, fluid connectors, instrumentation, and motion systems. This segment alone boasts 17,100 independent distributors, with about 40% of its business occurring outside the United States. Each technology group within this segment creates essential solutions that enhance the functionality and efficiency of countless products and systems worldwide.

The Aerospace Systems segment, on the other hand, deals with advanced technologies for engine and actuation components, significantly contributing to the aerospace industry. This segment has seen remarkable growth, partly attributed to the recent acquisition of Meggitt PLC, which has enhanced Parker’s capabilities and market reach.

Financially, Parker-Hannifin has consistently showcased robust performance. For instance, in the fiscal 2024 first quarter, the company reported record sales of $4.8 billion, marking a 15% increase from the previous year. Net income surged to $650.8 million, up from $387.9 million, highlighting the firm's strong financial health and strategic execution. The company's focus on operational excellence and continuous improvement, driven by their Win Strategy™, has enabled consistent growth and record performance across all segments.

Recent updates reveal Parker’s ambitious goals and future outlook. The company has updated its guidance for the fiscal year ending June 30, 2024, projecting total sales growth between 3% to 5% and earnings per share in the range of $20.00 to $20.60, or $23.90 to $24.50 on an adjusted basis. These projections are bolstered by Parker’s strong cash flow, operational efficiencies, and the positive impact of strategic acquisitions.

Parker-Hannifin's ongoing transformation and commitment to innovation ensure that it remains at the forefront of its industry. The company’s emphasis on safety, customer service, and operational excellence, combined with favorable market trends, sets the stage for continued success and shareholder value.

For more information, visit www.parker.com or follow Parker on Twitter at @parkerhannifin.

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Parker Hannifin (NYSE: PH) has announced the election of E. Jean Savage to its Board of Directors, effective July 10, 2024.

Ms. Savage currently serves as President and CEO of Trinity Industries and has held various leadership roles at Caterpillar Inc. and Parker Hannifin. Her extensive background includes expertise in industrial, engineering, and transportation sectors, as well as experience in global advanced manufacturing operations.

Parker Hannifin highlights her significant executive leadership and strategic knowledge as key assets for the company's future goals and governance oversight.

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Parker Hannifin (NYSE: PH) has partnered with Kaon Interactive to enhance its digital transformation and accelerate organic growth in key markets by 4-6% annually.

Utilizing Kaon’s High Velocity Marketing Platform, Parker is focusing on interactive customer engagement applications, starting with the Renewables (Wind) and Oil & Gas markets.

These digital applications will be showcased at the Hydrogen Technology Expo in Houston, highlighting products like Balance of Plant and Balance of Stack solutions for PEM & Alkaline Electrolyzers in Hydrogen Production, and systems for Hydrogen Refueling Stations.

This initiative aims to enhance customer understanding and engagement, emphasizing sustainability and cleaner energy solutions.

Jason McGuire, Director of Business Development Energy, Oil, and Gas at Parker, and Gavin Finn, CEO of Kaon Interactive, emphasize the strategic importance and innovative potential of this partnership.

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Parker Hannifin (NYSE: PH) hosted its 2024 investor meeting, highlighting its transformation and growth strategy, The Win StrategyTM. The company aims for significant growth and margin expansion through operational excellence and alignment with secular trends such as aerospace, digitalization, and clean technologies. New 5-year targets for fiscal 2029 include 4-6% organic sales growth CAGR, 27% adjusted segment operating margin, 28% adjusted EBITDA margin, 17% free cash flow margin, and over 10% adjusted EPS CAGR. Parker emphasizes a high-performance culture and strong cash flow generation for shareholder returns.

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Parker Hannifin reported record sales of $5.07 billion in the fiscal 2024 third quarter, with a 1% increase in organic sales. The segment operating margin reached 21.5%, or a record 24.7% adjusted, marking a 150 basis points increase. Earnings per share were $5.56, or a record $6.51 adjusted, showing a 10% increase. The company raised its outlook for segment operating margin and EPS. Cash flow from operations for fiscal 2024 year-to-date hit a record $2.1 billion, reflecting a 20% increase. Aerospace Systems Segment had an outstanding performance with an 18% increase in sales. Orders remained flat for total Parker, decreased in the Diversified Industrial sectors, and increased by 15% in the Aerospace Systems Segment. The fiscal year 2024 sales growth is expected to be around 4%, with an outlook for segment operating margin and EPS provided in the ranges of 21.2% to 24.6% and $20.80 to $24.85, respectively.

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Parker Hannifin (NYSE: PH) has announced a 10% increase in its quarterly cash dividend to $1.63 per share of common stock, payable on June 7, 2024. This marks the 296th consecutive quarterly dividend paid by the company. The Chairman and CEO, Jenny Parmentier, emphasized the company's commitment to enhancing shareholder value through consistent dividend increases fueled by strong cash flow generation and strategic capital deployment. Parker Hannifin's dividend track record spans 68 consecutive fiscal years, solidifying its position as a Fortune 250 global leader in motion and control technologies.
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Parker Aerospace partners with industry and academic leaders in the HyFIVE consortium to develop a liquid hydrogen fuel system for zero-emission aviation by the 2030s. The consortium receives funding of £17 million from industry and £20 million from the UK Government. The project aims to create a modular hydrogen fuel system for various aircraft types, focusing on storage, conveyance, indication, fueling, and venting. Parker Aerospace, along with Marshall and GKN Aerospace, will contribute expertise in technology, system design, and materials. Academic partners will provide research capabilities in hydrogen-electric propulsion and advanced testing facilities. The consortium plans to develop mature fuel system technologies by 2027, conduct ground testing, and establish a customer-ready supply chain, paving the way for zero-emissions aircraft in the future.
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Parker Hannifin (NYSE: PH) will announce its fiscal 2024 third quarter earnings on May 2, followed by a conference call at 11:00 a.m. Eastern Time. The company will discuss its third-quarter results and answer questions from investors and analysts. Parker Hannifin is a global leader in motion and control technologies, with a strong track record of dividend increases over 67 consecutive fiscal years.
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Parker Hannifin (NYSE: PH) will host its 2024 Investor Meeting in New York City on May 16, 2024. The event will feature management presentations and a Q&A session with executive leadership.
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Parker Hannifin Corporation to Present at Bank of America Global Industrials Conference in London
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ITT Inc. appoints Michael G. Guhde as president of Connect & Control Technologies, bringing vast experience in component manufacturing. Guhde's track record includes driving growth, innovation, and customer satisfaction in previous roles.
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FAQ

What does Parker-Hannifin Corporation do?

Parker-Hannifin Corporation is a global leader in motion and control technologies, serving diversified industrial and aerospace markets.

How long has Parker-Hannifin been in business?

Parker-Hannifin has been in business for over a century, providing engineering solutions across various industries.

What are the main segments of Parker-Hannifin’s operations?

Parker-Hannifin operates through two main segments: Diversified Industrial and Aerospace Systems.

How has Parker-Hannifin performed financially recently?

In fiscal 2024's first quarter, Parker-Hannifin reported record sales of $4.8 billion and net income of $650.8 million.

Who are the top executives at Parker-Hannifin?

Key executives include Thomas L. Williams (CEO), Lee C. Banks (COO), and Cathy Suever (CFO).

What are some recent achievements of Parker-Hannifin?

Recent achievements include record sales, significant profit increases, and the integration of Meggitt PLC into the Aerospace Systems segment.

What is Parker-Hannifin’s Win Strategy™?

The Win Strategy™ is Parker-Hannifin’s business system focused on operational excellence, customer satisfaction, and continuous improvement.

How can I get more information about Parker-Hannifin?

More information can be found at www.parker.com or by following Parker on Twitter at @parkerhannifin.

What is Parker-Hannifin's future outlook?

Parker-Hannifin projects continued growth, with updated sales and earnings forecasts for fiscal 2024 indicating strong performance.

How does Parker-Hannifin support its operations globally?

Parker-Hannifin supports its global operations through a network of 17,100 independent distributors and a focus on diversified industrial and aerospace technologies.

Parker-Hannifin Corporation

NYSE:PH

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68.15B
128.54M
0.48%
83.79%
1.15%
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