ParkerHannifin Corp. (PH, Financial) filed Quarterly Report for the period ended 2011-03-31.
Parker Hannifin Corp has a market cap of $14.42 billion; its shares were traded at around $89.05 with a P/E ratio of 15 and P/S ratio of 1.4. The dividend yield of Parker Hannifin Corp stocks is 1.4%. Parker Hannifin Corp had an annual average earning growth of 13.5% over the past 10 years. GuruFocus rated Parker Hannifin Corp the business predictability rank of 4-star.
Other (income) expense, net for the current-year quarter and first nine months of fiscal 2011 included income of $14.6 million related to insurance recoveries. Other (income) expense, net for the first nine months of fiscal 2010 included expense of $8.8 million related to asset sales and writedowns, including assets related to a business that was divested.
Included in Industrial North American operating income are business realignment charges of $0.6 million and $1.6 million in the current-year quarter and prior-year quarter, respectively, and $4.1 million and $9.9 million for the first nine months of fiscal 2011 and fiscal 2010, respectively. Included in Industrial International operating income are business realignment charges of $4.7 million and $12.8 million in the current-year quarter and prior-year quarter, respectively, and $5.7 million and $27.2 million for the first nine months of fiscal 2011 and fiscal 2010, respectively. The business realignment expenses consist primarily of severance costs resulting from plant closures as well as general reductions in workforce. The Company does not anticipate that cost savings realized from the workforce reductions taken during the first nine months of fiscal 2011 will have a material impact on future operating margins. The Company expects to continue to take the actions necessary to structure appropriately the operations of the Industrial Segment. Such actions may include the necessity to record additional business realignment charges in fiscal 2011, the timing and amount of which has not been finalized.
Excluding the effect of acquisitions and changes in currency exchange rates, the increase in net sales in the Climate & Industrial Controls Segment for the current-year quarter and first nine months of fiscal 2011 is primarily due to higher end-user demand in the heavy-duty truck, automotive and commercial refrigeration markets. Margins for the current-year quarter and first nine months of fiscal 2011 were higher primarily due to the higher sales volume and favorable product mix. Margins in both the current-year quarter and first nine months of fiscal 2011 were adversely affected by higher material costs as well as operating inefficiencies, which primarily include overtime and premium freight. Included in operating income for the prior-year quarter and first nine months of fiscal 2010 were business realignment charges of $0.5 million and $3.7 million, respectively. The Company may take further actions to structure appropriately the operations of the Climate & Industrial Controls Segment. Such actions may include the necessity to record business realignment charges in fiscal 2011.
Corporate general and administrative expenses were $41.7 million in the current-year quarter compared to $41.3 million in the prior-year quarter and were $112.7 million for the first nine months of fiscal 2011 compared to $99.1 million for the first nine months of fiscal 2010. As a percent of sales, corporate general and administrative expenses for the current-year quarter were 1.3 percent comp
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Parker Hannifin Corp has a market cap of $14.42 billion; its shares were traded at around $89.05 with a P/E ratio of 15 and P/S ratio of 1.4. The dividend yield of Parker Hannifin Corp stocks is 1.4%. Parker Hannifin Corp had an annual average earning growth of 13.5% over the past 10 years. GuruFocus rated Parker Hannifin Corp the business predictability rank of 4-star.
Highlight of Business Operations:
Gross profit margin increased in the current-year quarter and first nine months of fiscal 2011 primarily due to a combination of the higher sales volume, resulting in manufacturing efficiencies, as well as lower business realignment expenses recorded in the current-year quarter and first nine months of fiscal 2011 as compared to the prior-year quarter and first nine months. Included in gross profit are business realignment charges of $4.5 million and $14.1 million in the current-year quarter and prior-year quarter, respectively, and $9.2 million and $37.7 million for the first nine months of fiscal 2011 and fiscal 2010, respectively.Other (income) expense, net for the current-year quarter and first nine months of fiscal 2011 included income of $14.6 million related to insurance recoveries. Other (income) expense, net for the first nine months of fiscal 2010 included expense of $8.8 million related to asset sales and writedowns, including assets related to a business that was divested.
Included in Industrial North American operating income are business realignment charges of $0.6 million and $1.6 million in the current-year quarter and prior-year quarter, respectively, and $4.1 million and $9.9 million for the first nine months of fiscal 2011 and fiscal 2010, respectively. Included in Industrial International operating income are business realignment charges of $4.7 million and $12.8 million in the current-year quarter and prior-year quarter, respectively, and $5.7 million and $27.2 million for the first nine months of fiscal 2011 and fiscal 2010, respectively. The business realignment expenses consist primarily of severance costs resulting from plant closures as well as general reductions in workforce. The Company does not anticipate that cost savings realized from the workforce reductions taken during the first nine months of fiscal 2011 will have a material impact on future operating margins. The Company expects to continue to take the actions necessary to structure appropriately the operations of the Industrial Segment. Such actions may include the necessity to record additional business realignment charges in fiscal 2011, the timing and amount of which has not been finalized.
Excluding the effect of acquisitions and changes in currency exchange rates, the increase in net sales in the Climate & Industrial Controls Segment for the current-year quarter and first nine months of fiscal 2011 is primarily due to higher end-user demand in the heavy-duty truck, automotive and commercial refrigeration markets. Margins for the current-year quarter and first nine months of fiscal 2011 were higher primarily due to the higher sales volume and favorable product mix. Margins in both the current-year quarter and first nine months of fiscal 2011 were adversely affected by higher material costs as well as operating inefficiencies, which primarily include overtime and premium freight. Included in operating income for the prior-year quarter and first nine months of fiscal 2010 were business realignment charges of $0.5 million and $3.7 million, respectively. The Company may take further actions to structure appropriately the operations of the Climate & Industrial Controls Segment. Such actions may include the necessity to record business realignment charges in fiscal 2011.
Corporate general and administrative expenses were $41.7 million in the current-year quarter compared to $41.3 million in the prior-year quarter and were $112.7 million for the first nine months of fiscal 2011 compared to $99.1 million for the first nine months of fiscal 2010. As a percent of sales, corporate general and administrative expenses for the current-year quarter were 1.3 percent comp
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