Attached files
| file | filename |
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| EX-99.1 - EXHIBIT 99.1 - PARKER HANNIFIN CORP | exhibit9914qfy17.htm |
| 8-K - 8-K - PARKER HANNIFIN CORP | coverform8-k4qfy17.htm |
4th Quarter & Fiscal Year 2017
Earnings Release
Parker Hannifin Corporation
August 3, 2017
Exhibit 99.2
Forward-Looking Statements and
Non-GAAP Financial Measures
Forward-looking statements contained in this and other written and oral reports are made based on known events and circumstances at the time of release, and as such, are subject in
the future to unforeseen uncertainties and risks. These statements may be identified from use of forward-looking terminology such as “anticipates,” “believes,” “may,” “should,” “could,”
“potential,” “continues,” “plans,” “forecasts,” “estimates,” “projects,” “predicts,” “would,” “intends,” “anticipates,” “expects,” “targets,” “is likely,” “will,” or the negative of these terms and
similar expressions, and include all statements regarding future performance, earnings projections, events or developments. It is possible that the future performance and earnings
projections of the company, including its individual segments, may differ materially from current expectations, depending on economic conditions within its mobile, industrial and
aerospace markets, and the company's ability to maintain and achieve anticipated benefits associated with announced realignment activities, strategic initiatives to improve operating
margins, actions taken to combat the effects of the current economic environment, and growth, innovation and global diversification initiatives. A change in the economic conditions in
individual markets may have a particularly volatile effect on segment performance.
Among other factors which may affect future performance and earnings projections are: economic conditions within the company’s key markets, and the company’s ability to maintain
and achieve anticipated benefits associated with announced realignment activities, strategic initiatives to improve operating margins, actions taken to combat the effects of the current
economic environment, and growth, innovation and global diversification initiatives. A change in the economic conditions in individual markets may have a particularly volatile effect on
segment performance. Among other factors which may affect future performance of the company are, as applicable: changes in business relationships with and purchases by or from
major customers, suppliers or distributors, including delays or cancellations in shipments; disputes regarding contract terms or significant changes in financial condition, changes in
contract cost and revenue estimates for new development programs and changes in product mix; ability to identify acceptable strategic acquisition targets; uncertainties surrounding
timing, successful completion or integration of acquisitions and similar transactions, including the integration of CLARCOR; the ability to successfully divest businesses planned for
divestiture and realize the anticipated benefits of such divestitures; the determination to undertake business realignment activities and the expected costs thereof and, if undertaken, the
ability to complete such activities and realize the anticipated cost savings from such activities; ability to implement successfully capital allocation initiatives, including timing, price and
execution of share repurchases; availability, limitations or cost increases of raw materials, component products and/or commodities that cannot be recovered in product pricing; ability to
manage costs related to insurance and employee retirement and health care benefits; compliance costs associated with environmental laws and regulations; potential labor disruptions;
threats associated with and efforts to combat terrorism and cyber-security risks; uncertainties surrounding the ultimate resolution of outstanding legal proceedings, including the
outcome of any appeals; competitive market conditions and resulting effects on sales and pricing; and global economic factors, including manufacturing activity, air travel trends,
currency exchange rates, difficulties entering new markets and general economic conditions such as inflation, deflation, interest rates and credit availability. The company makes these
statements as of the date of this disclosure, and undertakes no obligation to update them unless otherwise required by law.
This presentation reconciles (a) sales amounts reported in accordance with U.S. GAAP to sales amounts adjusted to remove the effects of acquisitions and the effects of currency
exchange rates, (b) cash flow from operating activities and cash flow from operating activities as a percent of sales in accordance with U.S. GAAP to cash flow from operating activities
and cash flow from operating activities as a percent of sales without the effect of discretionary pension plan contributions, (c) segment operating income and operating margins reported
in accordance with U.S. GAAP to segment operating income and operating margins without the effect of business realignment charges, CLARCOR acquisition expenses and
CLARCOR costs to achieve, (d) Below the Line Items reported in accordance with U.S. GAAP to Below the Line Items without the effect of CLARCOR acquisition expenses, and (e)
actual and forecast earnings per diluted share reported in accordance with U.S. GAAP to actual and forecast earnings per diluted share without the effect of business realignment
charges, CLARCOR acquisition expenses and CLARCOR costs to achieve. The effects of acquisitions, currency exchange rates, discretionary pension plan contributions, business
realignment charges, CLARCOR acquisition expenses and CLARCOR costs to achieve are removed to allow investors and the company to meaningfully evaluate changes in sales, and
cash flow from operating activities as a percent of sales, segment operating income, operating margins, Below the Line Items and earnings per diluted share on a comparable basis
from period to period. Full year adjusted guidance removes business realignment charges and CLARCOR acquisition expenses.
Please visit www.PHstock.com for more information
2
Agenda
3
• Chairman & CEO Comments
• Results & Outlook
• Questions & Answers
Chairman and CEO Comments
4th Quarter FY2017 Results
Fourth Quarter Sales Increased 18% to $3.5B
Organic Sales +6%, Acquisitions +13%, Total Parker Orders +8%
Earnings per Share +21% to a record $2.15; or +29% to $2.45 Adjusted
Segment Operating Margins of 15.3%; 16.8% Adjusted, up 120 bps.
Full Year Fiscal 2017 Results
Recordable Accident Reduction of 22%
Sales Increased 6% to $12.0B, Organic Sales +2%,
Earnings per Share +23% to $7.25, or +26% to $8.11 Adjusted
Segment Operating Margins of 14.9%; or 15.8% Adjusted, up 100 bps.
Cash Flow 12.7% of Sales (excluding discretionary pension contribution)
Free Cash Flow Conversion was 134%
Fiscal 2018 Guidance
Sales Growth forecast in the Range of 11.4% to 15.0%
FY18 EPS Guidance Midpoint of $8.23 As Reported; $8.80 Adjusted
Realignment Expenses of $58M, Clarcor Costs to Achieve of $52M
4
Diluted Earnings Per Share
4th Quarter & Fiscal Year 2017
5
¹Adjusted for Business Realignment Charges, CLARCOR Acquisition Expenses
²Adjusted for Business Realignment Charges
6
Influences on Adjusted Earnings Per Share
4th Quarter FY2017 vs. 4th Quarter FY2016
¹Adjusted for Business Realignment Charges, CLARCOR Acquisition Expenses
²Adjusted for Business Realignment Charges
Influences on Adjusted Earnings Per Share
FY2017 vs. FY2016
7
¹Adjusted for Business Realignment Charges, CLARCOR Acquisition-Expenses
²Adjusted for Business Realignment Charges
³Primarily driven by $36M Stock Option Expense Tax Credit
Sales & Segment Operating Margin
Total Parker
8
*Acquisitions include: Jäger (closed 7/1/16), Helac (closed 2/1/17), CLARCOR (closed 2/28/17)
FY2017
%
Change FY2016
12,029$ 5.9 % 11,361$
558 4.9 %
(84) (0.7)%
11,556$ 1.7 %
FY2017
% of
Sales FY2016 % of Sales
1,790$ 14.9 % 1,576$ 13.9 %
56 107
58
1,904$ 15.8 % 1,682$ 14.8 %
Full Year$ in millions 4th Quarter
FY2017
%
Change FY2016
Sales
As Reported 3,496$ 18.2 % 2,957$
Acquisitions* 382 12.9 %
Currency (21) (0.7)%
Organic Sales 3,135$ 6.0 %
FY2017
% of
Sales FY2016
% of
Sales
Segment Operating Margin
As Reported 535$ 15.3 % 437$ 14.8 %
Business Realignment 21 25
CLARCOR Acquisition Expense 32
Adjusted 588$ 16.8 % 462$ 15.6 %
Sales & Segment Operating Margin
Diversified Industrial North America
9
*Acquisitions include: Jäger (closed 7/1/16), Helac (closed 2/1/17), CLARCOR (closed 2/28/17)
Full Year
FY2017
%
Change FY2016
5,367$ 8.3 % 4,955$
436 8.8 %
(17) (0.3)%
4,947$ (0.2)%
FY2017
% of
Sales FY2016 % of Sales
874$ 16.3 % 790$ 15.9 %
20 42
58
952$ 17.7 % 832$ 16.8 %
$ in millions 4th Quarter
FY2017
%
Change FY2016
Sales
As Reported 1,665$ 32.2 % 1,260$
Acquisitions* 316 25.1 %
Currency (4) (0.3)%
Organic Sales 1,353$ 7.4 %
FY2017
% of
Sales FY2016
% of
Sales
Segment Operating Margin
As Reported 262$ 15.7 % 221$ 17.5 %
Business Realignment 10 5
CLARCOR Acquisition Expense 32
Adjusted 304$ 18.2 % 226$ 18.0 %
Sales & Segment Operating Margin
Diversified Industrial International
10
*Acquisitions include: Jäger (closed 7/1/16), Helac (closed 2/1/17), CLARCOR (closed 2/28/17)
Full Year
FY2017
%
Change FY2016
4,378$ 5.6 % 4,145$
121 2.9 %
(66) (1.6)%
4,323$ 4.3 %
FY2017
% of
Sales FY2016 % of Sales
579$ 13.2 % 448$ 10.8 %
33 61
612$ 14.0 % 509$ 12.3 %
$ in millions 4th Quarter
FY2017
%
Change FY2016
Sales
As Reported 1,228$ 12.2 % 1,095$
Acquisitions* 66 6.0 %
Currency (17) (1.5)%
Organic Sales 1,179$ 7.7 %
FY2017
% of
Sales FY2016
% of
Sales
Segment Operating Margin
As Reported 161$ 13.2 % 119$ 10.8 %
Business Realignment 11 19
Adjusted 172$ 14.0 % 137$ 12.6 %
Sales & Segment Operating Margin
Aerospace Systems
11
$ in millions 4th Quarter
FY2017
%
Change FY2016
Sales
As Reported 603$ 0.1 % 602$
Acquisitions - - %
Currency (0) (0.0)%
Organic Sales 603$ 0.1 %
FY2017
% of
Sales FY2016
% of
Sales
Segment Operating Margin
As Reported 112$ 18.5 % 98$ 16.2 %
Business Realignment (0) 1
Adjusted 112$ 18.5 % 99$ 16.4 %
FY2017
%
Change FY2016
2,285$ 1.1 % 2,260$
- - %
(1) (0.0)%
2,285$ 1.1 %
FY2017
% of
Sales FY2016 % of Sales
337$ 14.8 % 338$ 14.9 %
3 4
340$ 14.9 % 341$ 15.1 %
Full Year
12
FY17 Q4 Highlights – Legacy Parker¹
As Reported FY16 Q4 FY17 Q4
Total
Parker
Total
Parker
Clarcor
Legacy
Parker
Net Sales $2,957 $3,496 $351 $3,145
Operating Income $437 $535 ($3) $538
Operating Margin 14.8% 15.3% 17.1%
Adjusted² FY16 Q4 FY17 Q4
Total
Parker
Total
Parker
Clarcor
Legacy
Parker
Net Sales $2,957 $3,496 $351 $3,145
Operating Income $462 $588 $30 $558
Operating Margin 15.6% 16.8% 17.7%
¹Legacy Parker excludes impact from Clarcor
²Adjusted for business realignment charges and Clarcor acquisition expenses
13
FY17 Highlights – Legacy Parker¹
As Reported FY16 FY17
Total
Parker
Total
Parker
Clarcor
Legacy
Parker
Net Sales $11,361 $12,029 $487 $11,542
Operating Income $1,576 $1,790 ($16) $1,806
Operating Margin 13.9% 14.9% 15.7%
Adjusted² FY16 FY17
Total
Parker
Total
Parker
Clarcor
Legacy
Parker
Net Sales $11,361 $12,029 $487 $11,542
Operating Income $1,682 $1,904 $42 $1,862
Operating Margin 14.8% 15.8% 16.1%
¹Legacy Parker excludes impact from Clarcor
²Adjusted for business realignment charges and Clarcor acquisition expenses
Jun 2017 Mar 2017 Jun 2016 Mar 2016
Total Parker 8 %+ 8 %+ 1 %- 6 %-
Diversified Industrial North America 10 %+ 9 %+ 10 %- 9 %-
Diversified Industrial International 10 %+ 13 %+ 3 %+ 6 %-
Aerospace Systems 1 %+ 0% 14 %+ 1 %+
Order Rates
14
Excludes Acquisitions, Divestitures & Currency
3-month year-over-year comparisons of total dollars, except Aerospace Systems
Aerospace Systems is calculated using a 12-month rolling average
Cash Flow from Operating Activities
15
*Adjusted for Discretionary Pension Plan Contribution
Dollars in millions
As Reported Cash Flow From Operating Activities
Discretionary Pension Plan Contribution
Adjusted Cash Flow From Operating Activities
Full Year
FY 2017 % of Sales FY 2016 % of Sales
1,302$ 10.8% 1,211 10.7%
220 200
1,522$ 12.7% 1,411 12.4%
*
Free Cash Flow Conversion
Free Cash Flow / Net Income
16
* Free Cash Flow = Cash Provided by Operating Activities - Capital Expenditures + Discretionary Pension Contribution
0%
50%
100%
150%
200%
250%
FY2017 Guidance
EPS Midpoint: $8.23 As Reported, $8.80 Adjusted
17
Expected FY18 Adjusted Segment Operating Margins and Adjusted Earnings Per Share exclude Business Realignment
Charges of $58M and Clarcor Costs to Achieve of $52M
Sales Growth vs. Prior Year
Diversified Industrial North America
Diversified Industrial International
Aerospace Systems
Total Parker
Segment Operating Margins As Reported Adjusted
Diversified Industrial North America 16.1% - 16.5% 16.9% - 17.3%
Diversified Industrial International 13.4% - 13.8% 14.7% - 15.1%
Aerospace Systems 15.5% - 15.9% 15.5% - 15.9%
Total Parker 15.1% - 15.5% 15.9% - 16.3%
Below the Line Items
Corporate General & Administrative Expense, Interest and Other
Tax Rate
Full Year
Shares
Diluted Shares Outstanding
Earnings Per Share As Reported Adjusted
Range $7.88 - $8.58 $8.45 - $9.15
135.6M
29%
$500 M
18.6% - 22.6%
8.0% - 12.0%
0.6% - 2.6%
11.4% - 15.0%
18
FY2018 Guidance
FY18 Guidance vs FY17 Actual
¹Adjusted for Business Realignment Charges and CLARCOR Acquisition Expense
²Adjusted for Business Realignment Charges and CLARCOR Costs to Achieve
³Projected FY18 Tax rate of 29% vs 26% Effective Tax Rate in FY17
⁴Gain on Autoline Divestiture
19
Appendix
• CLARCOR Impact on Financial Results
• Consolidated Statement of Income
• Adjusted Amounts Reconciliation
• Reconciliation of EPS
• Business Segment Information
• Reconciliation of Total Segment Operating Margin to Adjusted Total
Segment Operating Margin
• Consolidated Balance Sheet
• Consolidated Statement of Cash Flows
• Reconciliation of Cash Flow from Operations to Adjusted Cash
Flow from Operations
• Reconciliation of EPS
• Supplemental Sales Information – Global Technology Platforms
CLARCOR Impact on Financial Results
21
CLARCOR EPS Impact – FY2017
Q3 Actual Q4 Actual FY17
Sales $136 $351 $487
Operating Income (As Reported) $(13) $(2) $(15)
Operating Income (Adjusted)* $13 $30 $43
Incremental Interest Expense $6 $19 $25
Incremental Pre-tax Income $7 $11 $18
EPS Accretion $.04 $.06 $.10
*Adjustments to Operating Income
Acquisition Related Expenses $26 $32 $58
Consolidated Statement of Income
22
Three Months Ended June 30, Tw elve Months Ended June 30,
(Dollars in thousands except per share amounts) 2017 2016 2017 2016
Net sales 3,496,238$ 2,957,150$ 12,029,312$ 11,360,753$
Cost of sales 2,654,682 2,272,455 9,188,962 8,823,384
Gross profit 841,556 684,695 2,840,350 2,537,369
Selling, general and administrative expenses 402,352 338,572 1,453,935 1,359,360
Interest expense 52,787 32,715 162,436 136,517
Other (income), net (14,194) (22,798) (104,662) (73,236)
Income before income taxes 400,611 336,206 1,328,641 1,114,728
Income taxes 107,252 94,295 344,797 307,512
Net income 293,359 241,911 983,844 807,216
Less: Noncontrolling interests 54 115 432 376
Net income attributable to common shareholders 293,305$ 241,796$ 983,412$ 806,840$
Earnings per share attributable to common shareholders:
Basic earnings per share 2.20$ 1.80$ 7.37$ 5.96$
Diluted earnings per share 2.15$ 1.77$ 7.25$ 5.89$
Average shares outstanding during period - Basic 133,278,324 134,385,814 133,377,547 135,353,321
Average shares outstanding during period - Diluted 136,154,741 136,255,977 135,559,764 136,911,690
Cash dividends per common share .66$ .63$ 2.58$ 2.52$
Adjusted Amounts Reconciliation
23
FOURTH QUARTER 2017 U.S. GAAP TO ADJUSTED AMOUNTS RECONCILIATION
INCOME STATEMENT
As Reported Business Acquisition Adjusted
Jun-17 Realignment Expenses Jun-17
Net sales 3,496,238 3,496,238
Cost of sales 2,654,682 10,964 2,643,718
Gross profit 841,556 (10,964) - 852,520
Selling, general and administrative expenses 402,352 9,689 36,303 356,360
Interest expense 52,787 52,787
Other expense (income), net (14,194) 784 (14,978)
Income before income taxes 400,611 (21,437) (36,303) 458,351
Income taxes 107,252 5,788 9,802 122,842
Net income 293,359 (15,649) (26,501) 335,509
Less: Noncontrolling interests 54 - 54
Net income attributable to common shareholders 293,305 (15,649) (26,501) 335,455
EPS attributable to common shareholders:
Diluted earnings per share 2.15 (0.11) (0.19) 2.45
FOURTH QUARTER FY 2017
FOURTH QUARTER FY 2017 U.S. GAAP TO ADJUSTED AMOUNTS RECONCILIATION
SEGMENTS
As Reported Business Acquisition Adjusted
Jun-17 Realignment Expenses Jun-17
Segment Operating Income
Diversified Industrial:
North America 261,509 10,127 32,182 303,818
International 161,499 10,648 172,147
Total Diversified Industrial 423,008 20,775 32,182 475,965
Aerospace Systems 111,732 (122) 111,610
Total segment operating income 534,740 20,653 32,182 587,575
Corporate administration 51,925 - 51,925
Income before interest expense and other 482,815 20,653 32,182 535,650
Interest expense 52,787 52,787
Other expense 29,417 784 4,121 24,512
Income before income taxes 400,611 21,437 36,303 458,351
FOURTH QUARTER FY 2017
Reconciliation of EPS
24
(Unaudited) Three Months Ended June 30, Tw elve Months Ended June 30,
(Amounts in Dollars) 2017 2016 2017 2016
Earnings per diluted share 2.15$ 1.77$ 7.25$ 5.89$
Adjustments:
Business realignment charges 0.11 0.13 0.30 0.57
Acquisition-related expenses 0.19 - 0.56 -
Adjusted earnings per diluted share 2.45$ 1.90$ 8.11$ 6.46$
Business Segment Information
25
Three Months Ended June 30, Tw elve Months Ended June 30,
(Dollars in thousands) 2017 2016 2017 2016
Net sales
Diversif ied Industrial:
North America 1,665,483$ 1,260,203$ 5,366,809$ 4,955,211$
International 1,227,999 1,094,585 4,377,776 4,145,272
Aerospace Systems 602,756 602,362 2,284,727 2,260,270
Total 3,496,238$ 2,957,150$ 12,029,312$ 11,360,753$
Segment operating income
Diversif ied Industrial:
North America 261,509$ 221,158$ 873,552$ 789,667$
International 161,499 118,634 579,207 448,457
Aerospace Systems 111,732 97,526 337,496 337,531
Total segment operating income 534,740 437,318 1,790,255 1,575,655
Corporate general and administrative expenses 51,925 46,620 172,632 173,203
Income before interest and other expense 482,815 390,698 1,617,623 1,402,452
Interest expense 52,787 32,715 162,436 136,517
Other expense 29,417 21,777 126,546 151,207
Income before income taxes 400,611$ 336,206$ 1,328,641$ 1,114,728$
Reconciliation of Total Segment Operating
Margin to Adjusted Total Segment
Operating Margin
26
(Unaudited)
(Dollars in thousands)
Three Months
Ended June 30,
2017
Three Months
Ended June 30,
2016
Operating margin Operating margin
Total segment operating income 534,740$ 15.3% 437,318$ 14.8%
Adjustments:
Business realignment charges 20,653 25,024
Acquisition-related expenses 32,182 -
Adjusted total segment operating income 587,575$ 16.8% 462,342$ 15.6%
Consolidated Balance Sheet
27
June 30, June 30,
(Dollars in thousands) 2017 2016
Assets
Current assets:
Cash and cash equivalents 884,886$ 1,221,653$
Marketable securities and other investments 39,318 882,342
Trade accounts receivable, net 1,930,751 1,593,920
Non-trade and notes receivable 254,987 232,183
Inventories 1,549,494 1,173,329
Prepaid expenses 120,282 104,360
Total current assets 4,779,718 5,207,787
Plant and equipment, net 1,937,292 1,568,100
Deferred income taxes 36,057 605,155
Goodw ill 5,586,878 2,903,037
Intangible assets, net 2,307,484 922,571
Other assets 842,475 827,492
Total assets 15,489,904$ 12,034,142$
Liabilities and equity
Current liabilities:
Notes payable 1,008,465$ 361,787$
Accounts payable 1,300,496 1,034,589
Accrued liabilities 933,762 841,915
Accrued domestic and foreign taxes 153,137 127,597
Total current liabilities 3,395,860 2,365,888
Long-term debt 4,861,895 2,652,457
Pensions and other postretirement benefits 1,406,082 2,076,143
Deferred income taxes 221,790 54,395
Other liabilities 336,931 306,581
Shareholders' equity 5,261,649 4,575,255
Noncontrolling interests 5,697 3,423
Total liabilities and equity 15,489,904$ 12,034,142$
Consolidated Statement of Cash Flows
28
(Unaudited) Tw elve Months Ended June 30,
(Dollars in thousands) 2017 2016
Cash flows from operating activities:
Net income 983,844$ 807,216$
Depreciation and amortization 355,229 306,843
Stock incentive plan compensation 80,339 71,293
(Gain) on sale of business (41,285) (10,666)
Loss on disposal of assets 1,494 414
(Gain) on sale of marketable securities (1,032) (723)
Net change in receivables, inventories, and trade payables 5,741 85,414
Net change in other assets and liabilities (126,943) (6,077)
Other, net 45,084 (42,936)
Net cash provided by operating activities 1,302,471 1,210,778
Cash flows from investing activities:
Acquisitions (net of cash of $157,426 in 2017 and $3,814 in 2016) (4,069,197) (67,552)
Capital expenditures (203,748) (149,407)
Proceeds from sale of plant and equipment 14,648 18,821
Proceeds from sale of business 85,610 24,325
Purchases of marketable securities and other investments (465,666) (1,351,464)
Maturities and sales of marketable securities and other investments 1,279,318 1,300,633
Other, net (6,113) (39,995)
Net cash (used in) investing activities (3,365,148) (264,639)
Cash flows from financing activities:
Net payments for common stock activity (335,876) (587,239)
Net proceeds from debt 2,463,884 85,843
Dividen s (345,380) (341,962)
Net cash provided by (used in) financing activities 1,782,628 (843,358)
Effect of exchange rate changes on cash (56,718) (61,712)
Net (decrease) increase in cash and cash equivalents (336,767) 41,069
Cash and cash equivalents at beginning of period 1,221,653 1,180,584
Cash and cash equivalents at end of period 884,886$ 1,221,653$
Reconciliation of Cash Flow from
Operations to Adjusted Cash Flow from
Operations
29
(Unaudite )
(Dollars in thousands)
Twelve
Months Ended
June 30, 2017
Twelve
Months Ended
June 30, 2016
Percent of sales Percent of sales
As reported cash flow from operations 1,302,471$ 10.8% 1,210,778$ 10.7%
Discretionary pension contribution 220,000 200,000
Adjusted cash flow from operations 1,522,471$ 12.7% 1,410,778$ 12.4%
Reconciliation of Free Cash Flow
Conversion
30
(Unaudited)
(Dollars in thousands)
Twelve
Months Ended
June 30, 2017
Net income 983,844$
Cash flow from operations 1,302,471
Capital expenditures (203,748)
Discretionary pension contribution 220,000
Free cash flow 1,318,723$
Free cash flow conversion (free cash flow/net income) 134%
Reconciliation of EPS
Fiscal Year 2018 Guidance
31
(Unaudited)
(Amounts in dollars)
Fiscal Year
2018
Forecasted earnings per diluted share $7.88 to $8.58
Adjustments:
Business realignment charges .30
Clarcor costs to achieve .27
Adjusted forecasted earnings per diluted share $8.45 to $9.15
Supplemental Sales Information
Global Technology Platforms
32
(Unaudit d)
(Dollars in thousands)
September 30,
2016
December 31,
2016
March 31,
2017
June 30,
2017
September 30,
2016
December 31,
2016
March 31,
2017
June 30,
2017
Net sales
Diversif ied Industrial:
Motion Systems 741,650$ 754,772$ 856,388$ 906,158$ 741,650$ $ 1,496,422 $ 2,352,810 $ 3,258,968
Flow and Process Control 824,314 783,864 905,667 953,529 824,314 1,608,178 2,513,845 3,467,374
Filtration and Engineered Materials 615,930 588,385 780,133 1,033,795 615,930 1,204,315 1,984,448 3,018,243
Aerospace Systems 561,237 543,783 576,951 602,756 561,237 1,105,020 1,681,971 2,284,727
Total 2,743,131$ 2,670,804$ 3,119,139$ 3,496,238$ 2,743,131$ 5,413,935$ 8,533,074$ 12,029,312$
Three Months Ending Fiscal Year-to-Date