Q3 2024 Parker-Hannifin Corp Earnings Call Transcript
Key Points
- Record sales of $5.1 billion in the quarter, with organic growth of 1.2%.
- Record adjusted segment operating margin of 24.7%, a 150 basis point improvement over the prior year.
- Adjusted EPS growth of 10%, demonstrating strong profitability.
- Aerospace demand remains robust, significantly driving performance in the quarter.
- Successful debt reduction by over $420 million in the quarter, with total debt reduction of over $2.6 billion since the Meggitt transaction.
- Slight negative impact from divestitures at just 0.3%.
- Currency shifts turned into a slight headwind this quarter at 0.6%.
- North American organic growth was down 4.6%, driven by softness in off-highway and transportation markets.
- International businesses saw organic growth down 3.1%, with contraction in highway transportation and implant industrial markets.
- Corporate G&A was higher from the prior year, mainly due to favorable items not repeating this fiscal year.
Greetings. Welcome to Parker-Hannifin Corporation's Fiscal 2024 Third Quarter Earnings Conference Call and Webcast.
(Operator Instructions) Please note that today's conference is being recorded. At this time, I'll now turn the conference over to Todd Leombruno, Chief Financial Officer. Mr. Leombruno, you may now begin your presentation.
Thank you, Rob, and good day, everyone. As Rob said, this is Parker's Fiscal Year 2024 Third Quarter Earnings Release Webcast. This is Todd Leombruno, Chief Financial Officer speaking. With me on the call today is our Chairman and Chief Executive Officer, Jenny Parmentier. We appreciate your interest in Parker, and we thank you for joining us today.
If we move to Slide 2, you will find our disclosures on our forward-looking projections and non-GAAP financial measures. Actual results could vary from our forecast based on the items listed here. The press release, this presentation and reconciliations for all non-GAAP measures that we will
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