$PH
Parker-Hannifin Corp

2012 Q1 Form 10-Q Financial Statement

#000119312512220458 Filed on May 09, 2012

View on sec.gov

Income Statement

Concept 2012 Q1 2011 Q2 2011 Q1
Revenue $3.394B $3.410B $3.240B
YoY Change 4.74% 22.37% 23.91%
Cost Of Revenue $2.590B $2.591B $2.463B
YoY Change 5.17% 22.54% 19.42%
Gross Profit $803.2M $819.1M $777.0M
YoY Change 3.38% 21.83% 40.66%
Gross Profit Margin 23.67% 24.02% 23.98%
Selling, General & Admin $377.5M $413.4M $375.1M
YoY Change 0.64% 18.35% 18.67%
% of Gross Profit 46.99% 50.47% 48.27%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $80.30M $85.60M $83.90M
YoY Change -4.29% 1.3% -4.77%
% of Gross Profit 10.0% 10.45% 10.8%
Operating Expenses $377.5M $412.8M $375.1M
YoY Change 0.64% 16.87% 18.67%
Operating Profit $511.2M $406.3M $480.8M
YoY Change 6.31% 27.31% 103.45%
Interest Expense $22.31M -$24.80M $24.62M
YoY Change -9.37% -7.81% -194.69%
% of Operating Profit 4.37% -6.1% 5.12%
Other Income/Expense, Net -$2.629M $12.39M
YoY Change -121.23%
Pretax Income $400.8M $381.4M $389.7M
YoY Change 2.85% 30.53% 88.82%
Income Tax $88.14M $86.70M $108.1M
% Of Pretax Income 21.99% 22.73% 27.73%
Net Earnings $312.1M $292.2M $279.6M
YoY Change 11.62% 31.5% 81.67%
Net Earnings / Revenue 9.2% 8.57% 8.63%
Basic Earnings Per Share $2.07 $1.72
Diluted Earnings Per Share $2.01 $1.79 $1.68
COMMON SHARES
Basic Shares Outstanding 151.0M shares 162.2M shares
Diluted Shares Outstanding 154.9M shares 166.7M shares

Balance Sheet

Concept 2012 Q1 2011 Q2 2011 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $773.0M $657.0M $1.108B
YoY Change -30.23% 14.06% 190.81%
Cash & Equivalents $773.5M $657.5M $1.108B
Short-Term Investments
Other Short-Term Assets $233.0M $258.0M $242.0M
YoY Change -3.72% 6.61% 13.08%
Inventory $1.429B $1.412B $1.391B
Prepaid Expenses $100.3M $111.9M
Receivables $1.831B $1.770B $1.951B
Other Receivables $231.0M $208.0M $0.00
Total Short-Term Assets $4.497B $4.305B $4.691B
YoY Change -4.13% 19.96% 39.86%
LONG-TERM ASSETS
Property, Plant & Equipment $1.722B $1.797B $1.788B
YoY Change -3.69% 5.84% 0.34%
Goodwill $2.926B $3.009B
YoY Change 8.0%
Intangibles $1.096B $1.178B
YoY Change
Long-Term Investments
YoY Change
Other Assets $647.2M $597.5M $730.0M
YoY Change -11.34% -13.02% 15.69%
Total Long-Term Assets $6.392B $6.582B $6.686B
YoY Change -4.4% 4.12% 2.8%
TOTAL ASSETS
Total Short-Term Assets $4.497B $4.305B $4.691B
Total Long-Term Assets $6.392B $6.582B $6.686B
Total Assets $10.89B $10.89B $11.38B
YoY Change -4.29% 9.85% 15.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.149B $1.174B $1.085B
YoY Change 5.89% 32.04% 38.22%
Accrued Expenses $873.0M $909.0M $845.0M
YoY Change 3.31% 16.99% 12.82%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $273.9M $75.27M $173.0M
YoY Change 58.33% -79.26% -52.86%
Total Short-Term Liabilities $2.489B $2.391B $2.340B
YoY Change 6.38% 8.44% 12.93%
LONG-TERM LIABILITIES
Long-Term Debt $1.515B $1.691B $1.684B
YoY Change -10.02% 19.6% 9.64%
Other Long-Term Liabilities $308.2M $293.4M $1.609B
YoY Change -80.85% -82.71% 16.85%
Total Long-Term Liabilities $1.823B $1.984B $3.293B
YoY Change -44.63% -36.21% 13.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.489B $2.391B $2.340B
Total Long-Term Liabilities $1.823B $1.984B $3.293B
Total Liabilities $5.303B $5.398B $5.895B
YoY Change -10.05% -2.59% 12.31%
SHAREHOLDERS EQUITY
Retained Earnings $7.551B $6.891B
YoY Change
Common Stock $716.3M $758.9M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.091B $1.815B
YoY Change
Treasury Stock Shares 30.00M shares 25.96M shares
Shareholders Equity $5.578B $5.384B $5.482B
YoY Change
Total Liabilities & Shareholders Equity $10.89B $10.89B $11.38B
YoY Change -4.29% 9.86% 15.41%

Cashflow Statement

Concept 2012 Q1 2011 Q2 2011 Q1
OPERATING ACTIVITIES
Net Income $312.1M $292.2M $279.6M
YoY Change 11.62% 31.5% 81.67%
Depreciation, Depletion And Amortization $80.30M $85.60M $83.90M
YoY Change -4.29% 1.3% -4.77%
Cash From Operating Activities $443.1M $367.0M $391.7M
YoY Change 13.12% -2.76% 66.61%
INVESTING ACTIVITIES
Capital Expenditures -$57.20M -$48.80M -$48.70M
YoY Change 17.45% 27.42% 63.97%
Acquisitions
YoY Change
Other Investing Activities -$14.80M $7.100M -$9.200M
YoY Change 60.87% -308.82% 84.0%
Cash From Investing Activities -$72.00M -$41.80M -$57.80M
YoY Change 24.57% 0.0% 67.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -85.00M -792.1M -57.30M
YoY Change 48.34% 584.62% 14.6%
NET CHANGE
Cash From Operating Activities 443.1M 367.0M 391.7M
Cash From Investing Activities -72.00M -41.80M -57.80M
Cash From Financing Activities -85.00M -792.1M -57.30M
Net Change In Cash 286.1M -466.9M 276.6M
YoY Change 3.43% -312.32% 83.67%
FREE CASH FLOW
Cash From Operating Activities $443.1M $367.0M $391.7M
Capital Expenditures -$57.20M -$48.80M -$48.70M
Free Cash Flow $500.3M $415.8M $440.4M
YoY Change 13.6% 0.02% 66.31%

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dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Trading Symbol
TradingSymbol
PH
dei Entity Registrant Name
EntityRegistrantName
PARKER HANNIFIN CORP
dei Amendment Flag
AmendmentFlag
false
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
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dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2012-03-31
dei Entity Central Index Key
EntityCentralIndexKey
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--06-30
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>2. New accounting pronouncements</b></font></p> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">In June&#xA0;2011, the Financial Accounting Standards Board (FASB) issued new accounting guidance requiring an entity to present net income and other comprehensive income (OCI) in either a single continuous statement or in separate consecutive statements. The guidance does not change the items reported in OCI or when an item of OCI must be reclassified to net income. The guidance, which must be presented retrospectively, is effective for fiscal years, and interim periods within those years, beginning after December&#xA0;15, 2011.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">In September 2011, the FASB issued new accounting guidance related to testing goodwill for impairment. The new guidance allows an entity the option to make a qualitative evaluation about the likelihood of goodwill impairment to determine whether the entity should calculate the fair value of a reporting unit. It also expands the events and circumstances that an entity should consider between annual impairment tests in determining whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. This guidance is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December&#xA0;15, 2011. The Company has not yet determined the effect, if any, that this new guidance will have on its goodwill impairment tests.</font></p> </div>
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ProfitLoss
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ph Average Share Price For Common Stock Repurchases
AverageSharePriceForCommonStockRepurchases
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CY2011Q1 us-gaap Gross Profit
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CY2011Q1 us-gaap Other Comprehensive Income Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTax
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CostOfGoodsAndServicesSold
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EarningsPerShareDiluted
1.68
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25000
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InterestExpense
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33129 shares
CY2011Q1 us-gaap Dividends Cash
DividendsCash
51999000
CY2011Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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4529921 shares
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CommonStockDividendsPerShareDeclared
0.32
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EarningsPerShareBasic
1.72
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3240103000
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EarningsPerShareDiluted
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OtherComprehensiveIncomeDefinedBenefitPlansTax
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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CY2012Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2012Q1 us-gaap Dividends Cash
DividendsCash
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CY2012Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3926336 shares
CY2012Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.39
CY2012Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.07
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SalesRevenueNet
3393563000
CY2012Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2012Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
451777000
CY2012Q1 us-gaap Treasury Stock Acquired Repurchase Authorization
TreasuryStockAcquiredRepurchaseAuthorization
Under the program, the Company is authorized to repurchase an amount of common shares each fiscal year equal to the greater of 7.5 million shares or five percent of the shares outstanding as of the end of the prior fiscal year.
CY2012Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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CY2012Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2012Q1 ph Segment Reporting Information Corporate Expenses
SegmentReportingInformationCorporateExpenses
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CY2012Q1 ph Average Share Price For Common Stock Repurchases
AverageSharePriceForCommonStockRepurchases
85.09
CY2012Q1 ph Percentage Of Common Stock Outstanding
PercentageOfCommonStockOutstanding
0.05 pure

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