Q4 2024 Parker-Hannifin Corp Earnings Call Transcript
Key Points
- Parker Hannifin Corp (PH) achieved record free cash flow of $3 billion in fiscal year 2024.
- The aerospace systems segment delivered a stellar performance with over $5 billion in sales, doubling since fiscal year 2020.
- The company reported a 200 basis point margin expansion in the aerospace segment on low single-digit sales growth.
- Parker Hannifin Corp (PH) successfully reduced debt by over $3.4 billion since the Meggitt acquisition.
- The company achieved a record 25.3% segment operating margin in the fourth quarter, marking the highest level of performance for the fiscal year.
- Organic sales growth in the diversified industrial North American segment was negative 3% in the fourth quarter.
- The international segment experienced a 2.5% decline in organic growth, with Europe and Asia showing softness.
- Currency fluctuations posed a headwind, resulting in a nearly 1% unfavorable impact on sales.
- The North American composites business, acquired with Meggitt, is being divested as it does not align with core products.
- The company anticipates continued softness in off-highway and transportation markets in North America.
Hello, and welcome to the Parker Hannifin Corporation fiscal 2024 fourth-quarter and full-year earnings conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.
It's now my pleasure to turn the conference over to Todd Leombruno, Chief Financial Officer. Please go ahead, Todd.
Thank you, Kevin, and good day, everyone. Welcome to Parker's fiscal year 2024 fourth-quarter and year-end earnings release webcast. As Kevin said, this is Todd Leombruno, Chief Financial Officer, speaking. And with me today is our Chairman and Chief Executive Officer, Jenny Parmentier. We appreciate your interest in Parker, and we thank you all for joining us today.
If I could draw your attention 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 we have listed here. Our press release, the presentation we're going to
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