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Parker-Hannifin is the world’s leading manufacturer of motion and control technologies for various mobile, industrial, and aerospace markets in over 40 countries. It operates in two segments: diversified industrial and aerospace systems. Founded in 1917 as Parker Appliance Co., the company initially focused on pneumatic brake systems for trucks and buses. It adopted its current name in 1957 after acquiring Hannifin, a major manufacturer of hydraulic and pneumatic cylinders, valves, and presses.

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Parker-Hannifin (PH): Company Profile, Stock Price, News, Rankings

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Greetings, and welcome to the Parker Hannafin Corporation Fiscal twenty twenty five Second Quarter Earnings Conference Call and Webcast. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Todd Liam Bruno, Chief Financial Officer.

Thank you, Shalini. We appreciate it so much. Welcome to Parker's fiscal year twenty twenty five second quarter earnings release webcast. This is Todd Lee and Bruno, Chief Financial Officer speaking and with me today is Jenny Parmentier, our Chairman and Chief Executive Officer. We appreciate your interest in Parker, and thank you for joining us today.

On Slide 2, we will address our disclosures on forward looking projections and all non GAAP financial measures. Items listed here could cause actual results to vary from our forecast. Our press release, this presentation and all reconciliations for any non GAAP measures were released this morning and are available under the Investors section on parker.com. The agenda for the call today has Jenny starting with the highlights to our record performance. She will also highlight how our business system, The Wind Strategy, drives operational excellence in Parker, and then she will give an update to our market vertical outlook for the rest of our fiscal year FY 'twenty five.

I will follow Jenny with more details on our strong second quarter financial results and provide additional color to our updated guidance. We'll then conclude as usual with the question and answer portion of the call, and we will do our best to address as many questions as possible within the hour. Now I'd like to draw your attention to Slide number 3, and Jenny, I will turn it over to you.

Thank you, Ted, and thank you to everyone for attending the call today. Our performance this quarter reflects our focus on operational excellence and the strength of our balanced portfolio. We produced top quartile safety performance aligned with our goal to be the safest industrial company in the world and saw continued strength from our aerospace aftermarket. Consistent execution of the wind strategy delivered 110 basis points of margin expansion, resulting in a record of 25.6% adjusted segment operating margin. In addition, our teams delivered record adjusted segment operating margin across all businesses as well as record earnings per share.

Record year to date cash flow from operations, coupled with proceeds from previously announced divestitures, allowed us to substantially reduce debt by $110,000,000,0.0 this quarter. And finally, we are encouraged to see industrial orders turn positive in our longer cycle businesses. Next slide, please. With our win strategy, I'm often asked how do we continue to expand margins and more importantly, can we continue to do so? I've talked about this several times in the past.

It is our business system, the Win Strategy, that drives operational excellence. We trust the process. It is a proven strategy and it works. The next few slides will show you how our teams use the Win Strategy to drive performance over the cycle. Next slide, please.

Embedded in the win strategy is the Parker Lean system. It is fundamental to our culture and drives continuous improvement at all 85 divisions. Within the same pillars of the win strategy are the critical tools used by all of our general managers and their teams to expand margins and drive organic growth. Disciplined execution of the Parker and Lean system reduces variations and eliminates waste from the business. This system allows us to keep taking performance to the next level.

And important to point out here is that we are never done improving our business. Next slide, please. On this slide, we have an example of how the wind strategy drives performance through the cycle in 1 of our North American divisions. This is a division in our filtration group that has diverse exposure across industrial market verticals and a balanced OEM aftermarket mix. This is an engaged team that has utilized our high performance team structure to execute the win strategy.

Looking at their results on the far right hand side of the page. They have achieved first quartile safety by bringing attention and ownership to concerns, tracking them to closure and scheduling audit follow ups to ensure sustained results. They are utilizing the Parker lien system, specifically Kaizen, to expand margins and achieve the FY 2025 profitability goals for their division, even in a negative growth environment. In addition, they have utilized the Simple by Design tools to reduce complexity and cost as well as increased dual sourcing to strengthen their supply chain. And finally, use of our 0 defects tools has resulted in a 52% reduction in rejected parts per million, thus providing their customers a better experience.

Next slide please. Parker is a transformed company today. The chart on the left side of this page shows the strength of our portfolio over the last two point five years. Order rates increased across all reported business in coming in at 5% for the quarter. Aerospace order strength continued in both aftermarket and OEM.

And although we are seeing a continued delay in the expected industrial recovery, we are encouraged to see industrial orders turn positive in our longer cycle businesses. Next slide, please. Taking a look at our updated sales forecast by market vertical. We are raising Aerospace and Defense to 11% on the strength of the aftermarket and gradual OEM rate increases. On the Industrial side of the business, although orders have turned positive, there continues to be pressure in many of these markets.

We are expecting in plant and industrial equipment growth to be slightly lower within our low single digit framework. We are continuing to see delays in recovery, while distribution sentiment does remain positive. We're changing our forecast on transportation from low single digit to neutral, primarily driven by weakness in automotive and higher dealer inventory. The bright spot here is that work truck demand does remain strong. Off highway stepped down to negative mid teens as OEM destocking and production cuts continue and the weakness in ag persists.

We expect energy markets to remain neutral as projects and CapEx delays continue. And finally, we are increasing HVAC from low single digit to mid single digit growth, driven by refrigerant changes in the industry. All of this adds up to an organic growth forecast of approximately 2% for I will now turn it over to Todd to summarize our results.

Thanks, Jenny. Okay, everyone. I'm going to begin with results on Slide 10, and then we'll get to some more details on the outlook that Jenny just touched on. As Jenny mentioned, the was a strong quarter, lots of records. It was another quarter of strong margin expansion and EPS growth despite some real top line pressures.

Sales were down 1.6% versus prior. Most of that decline is the result of the divestitures that we announced. The divestiture impact in the quarter was an unfavorable 1.4%. Currency also flipped on us this quarter. While we were forecasting a slight positive, ninety days ago, it turned out to be unfavorable at 0.9.

And on a good note, organic growth was positive at almost 1%. If you look at segment operating margins, 25.6% is a record. That's an increase of 110 basis points versus prior year. And adjusted EBITDA margins was also a record of 26.8%. Half has also been an increase of 110 basis points from prior year.

Adjusted net income of 8.53% or 18% return on sales, both of those are also records. And lastly, adjusted earnings per share were up 6% to a record of $6,.53 Jenny mentioned this also, but the strong performance was consistent across all of our businesses and really just a nice solid finish to the first half of our fiscal year. If we could move to Slide 11, this shows the walk for that $0,.38 or 6% increase in adjusted EPS. And again, it was just a nice high quality quarter from an operating standpoint. Segment operating income dollars did increase by $33,000,000 or 0.2 despite the 1.6% lower top line.

And while strong aerospace performance was the primary driver, the industrial businesses delivered record segment operating margins despite negative organic growth pressure and FX pressures as well. In total, interest expense was $0,.17 favorable. That was driven by our continued focus on debt reduction. Income tax and other both contributed $0,.03 which was mostly offset by slightly higher corporate admin and share count. So the adjusted EPS of $6,.53 I already said it, it's a record.

And I really commend our team members around the world for strong operating performance, really diligent cost actions where necessary and really a focus on cash flow that helped us achieve these results. If we move into the segments, if I look on Slide 12, it really is a testament to the win strategy that our team members were able to deliver such broad based margin expansion. We're so proud of the hard work and all of their efforts. Every business delivered record segment operating margins, whether they had a positive 14% organic growth or whether they were negative 5%. Margin expansion for the entire company was 110 basis points.

And another positive sign was that orders moved to plus 5% versus prior year mainly off of a longer cycle end market strength. If you look at the diversified industrial North America businesses, sales were $190,000,000,0.0 That equated to an organic growth of negative 5% versus prior. That was lower than our expectations going into the quarter. We continue to see delays in the industrial recovery, specifically in transportation and off highway markets. A recovery has also yet to materialize in the distribution channel.

But if you look at adjusted segment operating margins, we were able to increase those by 40 basis points to a record 24.6%, driven by just unbelievable operating execution. A nice positive sign in North America where orders did turn positive after a few quarters of negative, so we are happy to see that. And again, it's specifically driven by some of our longer cycle verticals. If we move to the Industrial International business, the sales were $130,000,000,0.0 Organic growth in international came in at negative 3% Asia Pac was a positive 3% that's similar to what we had last quarter Latin America positive at plus 10 while EMEA remains challenged with organic growth at negative 8. But if you look at adjusted segment operating margins, the international team achieved a record high of 24.1% and expanded margins by 110 basis points.

As Jenny mentioned, it's really just the power of the win strategy in action. Our international team continues to focus on productivity, cost controls, all things in the win strategy to expand margins and really are operating with unbelievable resiliency and a very tough growth environment. Order rates here also moved further positive from plus 1 last quarter to plus 4, and that was mainly driven by improvement out of Asia Pacific. If we look at aerospace, aerospace continues to outperform. Sales were a record $150,000,000,0.0 in aerospace that is up 14% versus prior year.

That did exceed our expectations for the quarter. All of that growth was organic, 14% organic growth, and that was really driven by 20% plus growth in the aftermarket area and mid single digit positive growth in the OEM markets. Adjusted segment operating margin, same story here, a record 28.2%. That is an increase of an incredible 170 basis points versus prior. Just really robust top line, favorable aftermarket mix continues to drive this great margin performance and aerospace orders continue at a positive clip of plus 9%.

So just great job across all of our businesses in the quarter. On Slide 13, just to touch on our year to date cash flow performance. Year to date cash flow from operations was 17.4 of sales. That equates to about $170,000,000,0.0 And CFOA, that is a record, and it's also an increase of 24% versus prior year. Year to date free cash flow increased 17% from prior year.

We finished at $150,000,000,0.0 or 15.2% of sales for free cash flow. Jenny mentioned some of that divestiture activity. Divestiture activity in the quarter generated cash proceeds of approximately $6.20,000,000 dollars and an as reported post tax gain of $2.23,000,000 dollars We have excluded that gain from our adjusted results in the quarter. And 100% of the proceeds from those transactions were used to further reduce debt. Jenny mentioned in the quarter, we paid down $110,000,000,0.0 That moves our year to date debt reduction to $150,000,000,0.0 And our gross debt to adjusted EBITDA is now $170,000,000,0.0 So good work on cash flow across all elements of the business.

Okay. Moving to Slide 14 and guidance. Let me give you some more details on this. Our reported sales growth for the year is now forecasted to be in the range of minus 2% to positive 1% with 0.5% negative at the midpoint. Keep in mind, divestitures are 1.5% of that unfavorable impact and 100% of that divestiture activity is from the Industrial North America businesses.

Currency headwinds are now expected to be a 1% negative headwind. That is based on December '31 exchange rates as we always do. That did flip from what we were expecting ninety days ago, just currency rates continue to show significant volatility. In respect to organic growth, we have raised the Aerospace organic growth midpoint by 100 basis points to now 11% for the full year. But the offset is on Industrial segment.

Midpoint has been decreased as followed. In Industrial North America, organic growth is now forecasted to be negative 2.5 at the midpoint for the year. And the midpoint of the Industrial International organic growth is now forecasted to be flat. For the full year, we expect Parker's organic growth to be a positive 2% at the midpoint. Despite all of that, we are raising our adjusted segment operating margin guidance by an additional 10 basis points for the full year and moving our expectations to 25.8 for the year.

That is now a forecasted margin expansion of 90 basis points versus our FY fiscal year finish up last year. Tax rate is now slightly down to approximately 22%. We are modeling 22.5% for the second half of the year, and that there's more details of that in the appendix along with assumptions we're using for corporate G and A interest and other as we usually provide those. Despite the currency headwinds and the delayed industrial recovery that Jenny talked about, we are maintaining our full year adjusted EPS midpoint at $2,6.7 Full year as reported EPS is now expected to be $24,.76 And like I just said, adjusted EPS midpoint is expected to be $2,6.7 Both of those have a range of plus or minus $0.3 on either side. We also remain committed to our free cash flow forecast in the range of $3,000,000,000 to $330,000,000,0.0 for the full year.

If we look specifically at the for FY 'twenty five, reported sales are expected to be approximately $490,000,000,0.0 with organic growth of positive $150,000,000,0.0 Adjusted segment operating margin is $2,560,000,000,0.0 and adjusted EPS for the quarter is expected to be 6.65. So Jenny, that's all I have. I will hand it back to you and I'll drive everyone's attention to Slide 15.

Thank you, Todd. And a reminder on what drives Parker, safety, engagement and ownership are the foundation of the culture. It's our people and living up to our purpose that drives top quartile performance. And we remain committed to being great generators and deployers of cash. Todd just showed you our cash generation year to date, and we talked about all the great performance across all of the divisions.

We are actively focused in extending our track record of deploying capital to deliver the best shareholder value possible.

Shane, we are ready to begin the Q and A session. So we'll take whoever you got first in the queue.

Thank you. As I said, we are we would like to we'll be conducting a question and answer session. Our first question comes from the line of Jeff Sprague with Vertical Research Partners. Please proceed with your question.

Thank you. Good morning, everyone. Hey, Jenny, maybe to start just more complexion on what you're seeing in the industrial long cycle. I guess,

when you're kind of addressed it, pointing to

the strength in industrial long cycle, is this the aerosol that sits inside industrial? Or maybe you could elaborate on what verticals specifically are looking better on the long cycle side?

Yes, Jeff. Primarily, it is the long cycle strength of the Aerospace and Defense sitting in those industrial businesses. But it's also positive in HVAC and in semicon. So that's really what's helping those orders in Asia Pacific increase this last quarter.

And so that kind of sales conversion cycle on that stuff is we're talking more six, nine, twelve months in your view?

Right, beyond our fiscal year and more into

just hoping Todd could give a little bit more color on just the pattern organic pattern of industrial revenues and to close out the year, what's embedded in the 06/65, for example, for the industrials?

Yes, absolutely, Jeff. So we did pull down slightly. When you look at what we're looking at for the full year, Jenny, I may ask you to grab that if you got it handy.

Yes. So we have for our guidance, the industrial organic sales guidance is 2.5% for North America and 5% for International. It does assume a recovery, right? So basically, what we've done here is push things out a quarter. This guide is in line with prior growth periods when you look at sequentially to So that's an assumption that we're making in there.

Aerospace, we've raised the growth outlook, as Todd mentioned earlier, to 11% for the full year. And if you look at for Aerospace last year, we were at a positive 19%. So it's a tough comp for Aerospace, but that's what we're showing for the rest of this year.

Thank you. Our next question comes from the line of Joe L'Ritchie with Goldman Sachs. Please proceed with your question.

So I know that one month doesn't necessarily make a trend, but I'm just curious as we've started 2025, have you seen like any discernible differences or changes in trend based on how you exited 2020 calendar year 2024?

What we have right now is the best look that we have for this quarter and for the second half. So nothing notable that I would comment on at this point, just the best look we have today.

Okay. Fair enough. And then I guess the the following question to that, Jenny, look, you guys have done an amazing job and you described it a little bit earlier in your prepared remarks regarding your ability to expand margins in the industrial businesses despite this like very weak environment. If the current like trends hold through the remainder of your fiscal year, I mean, do you still expect to see some margin expansion coming out of both North America and international or has it become a lot harder?

I think we're still going to expand margins. I feel very strongly about the power of the wind strategy and the toolset that's available to our general managers. I mean, obviously, everybody likes volume, right? That's something that is a positive. But I don't pull back on my margin expansion story.

We have the tools and our teams are doing a great job.

do have margin expansion in the guide here for the second half. It is more muted just because there's some currency headwinds and obviously the top line headwinds. But to Jenny's point, if you look at across all 3 businesses, we're still showing strong margin expansion across all 3 of those businesses.

Thanks Joe. Thank you. Our next question comes from the line of Scott Davis with Melius Research. Please proceed with your question.

There's not much to pick on. There hasn't been for some time for you guys. So I'll kind of add some nuances around M and A. We keep hearing about kind of some of the enthusiasm of stuff coming out of PE, but historically you guys have had kind of probably tilted a little bit more towards carve outs. But what do you see out there in the M and A environment?

And is your enthusiasm or I should say confidence in getting deals done in 'twenty five higher than it was in, do you think in 'twenty four or comparable?

So it is an exciting time and we do have a robust pipeline. And we put a lot of stock in the fact that many of the assets in the pipeline are relationships that built over many years. And obviously, we've worked really hard and we've done a good job paying down debt. So we're in a position to do that. So I don't know if I would comment that it's easier, but it's definitely a focus for us.

And we're going to make sure that we continue to keep a close eye on everything. Targets of all sizes in the pipeline, you've heard me say that a couple of times. We still have the same criteria. We want to acquire companies where we're the clear best owner, accretive to growth, resiliency, margins, cash flow, EPS, all with synergies. So we're really committed to deploying our capital in a way that's going to deliver the shareholder value that we've shown we can deliver in the past.

Yes, that makes sense. And because I have to ask the question just because orders are a little better than I would have thought they'd be. Any kind of weird stuff out there as it relates to either buying ahead of tariffs or buying out of price increases or anything else that you can kind of point to that would have impacted orders a little bit or was it just pretty much things are getting better and that's the story?

No, I wouldn't say nothing at all under those couple of items that you just said. I mean, we're seeing the strength of aerospace and defense in our industrial businesses and HVAC and semi con. So longer cycle, nothing strange.

Thank you. Our next question comes from the line of Amit Dobre with Baird. Please proceed with your question.

Thank you. Good morning. Just to follow-up on that tariff discussion. I'm wondering sort of how your own thinking has evolved around this issue. What are you hearing from customers in terms of how they're preparing to deal with the tariffs, especially if Canada and Mexico is involved?

And again, what Parker's strategy would be around this, whether with your production or anything else that you're planning to do with your business?

Well, I mean, obviously, there will be an impact depending on what actually happens. But we've dealt with tariffs before. We have the visibility, we have the tools and we have the agility to act when something does happen, if and when something happens. So I would also say that over the past decade, we've built a local for local model because we want to be close to our customers. So if it happens, there will be impact, but that definitely helps us.

And we've been focused on supply chain leadership now for a couple of years. A lot of new tools and strategies have been put into place to enforce that local for local and reduce lead times. So we don't see a big need for a supply chain realignment. We don't foresee any of that. And because we've dealt with this before and our customers know how we've handled this before, The teams will get to work when they need to.

Understood. My follow-up, looking at Slide 8 where you kind of talk about your growth forecast by key end market verticals. I'm wondering a little bit about mix, maybe you can comment on that. I know we talk about it in aerospace and defense, but within your industrial businesses, we're seeing some verticals like off highway, for instance, more pressure relative to

call out here in terms of some of these end markets during maybe higher margins versus the segment average? Thank you.

I don't think there's anything to call out here, anything that would be of a concern or change the way that we're looking at the forecast or how we can expand margins. So nothing within some of these verticals, you've heard us talk of, for instance, within off highway, ag is weaker than construction. But there's nothing there that I would say we would point to a mix concern.

Yes. I think the only thing I would tell you is, our distribution channel has a more positive margin profile than the OEM channel, but it's not anything out of line than what we've seen in normal periods at this time. So the margin expansion is really coming from the team working really hard on productivity, working really hard on cost and managing what they can control.

Thank you. Our next question comes from the line of David Raso with Evercore ISI. Please proceed with your question.

Hi. Thank you for the time. Jenny, earlier you were mentioning, I believe you said organic growth rates. And

you with the math right now, but I'm just trying to make sure I understand the cadence seems to have a very light organic growth for aero in the to the full company organic, but then a big bounce in the I'm just trying to make sure I'm reading that correctly the way you laid out the industrial growth.

So aerospace in the is projected to be 9.5%. Fourth quarter is 5%. And what I mentioned earlier was year was 19%. So still strong aerospace growth, but pretty tough comp there. Total year at 11% for aerospace.

David, I really do think it's just the comps. If we look at the sheer dollars, Q4 would be the highest aerospace shipments we've ever had as a company and it would be obviously the highest we shipped all year.

Okay, helpful. And then when you know that you expect some improvement in the can you highlight where are you seeing that? Are there already conversations, some restocking levels, maybe on some of the short cycle? Just where do you expect to see that improvement?

Well, we expect to see some gradual industrial recovery based off of the fact that, as Todd just mentioned, our distributor sentiment is very positive. And we've been here at that average time of impact. We're here at 5 quarters of negative growth and the average is 6. And at the North America International, we're at 6 quarters of negative growth and the average is 6. So we're just expecting that this turn is coming, but it's been pushed out another quarter from what we see right now.

And when it comes to the mix of what is picking up versus what you expect to pick up, I'm just trying to get a sense of how much should we think about is it an accelerator in the margin expansion all else equal with what's supposed to pick up in a couple of quarters? I mean usually you think of, for example, distribution is some of your highest margin business and that sounds like that maybe hasn't necessarily accelerated yet. Is that still on the come or maybe you can explain a little bit how to think about the mix of what's starting to recover

Yes. Distribution is still on the come, right? I mean, they're positive. They're expecting it to happen.

They're ready for a recovery, but it hasn't come yet. So yes, obviously, distribution is the higher margin for us. But again, our margin expansion is going to come from the teams continuing to do all the great work that they do on productivity and driving out costs in our plants as well.

Yes. The spirit of the question is everybody after the next quarter, even after this call, start thinking about how do you guide in July 0 or And just trying to think about distribution starts to be a little more of a lead horse on the earnings recovery into relatively speaking, that should be a positive margin mix. So that was the spirit of it. Thank you so much.

Parker-Hannifin (PH) Q2 2025 Earnings Call Transcript

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