Parker reports fiscal 2022 third quarter results

Cleveland, may 05, 2022 (globe newswire) -- parker hannifin corporation (nyse: ph), the global leader in motion and control technologies, today reported results for the fiscal 2022 third quarter ended march 31, 2022. fiscal 2022 third quarter sales were an all-time record at $4.09 billion, an increase of 9%, compared with $3.75 billion in the third quarter of fiscal 2021. net income was $348.0 million, compared with $473.2 million in the prior year quarter. fiscal 2022 third quarter adjusted net income was $630.2 million, compared with $541.9 million in the third quarter of fiscal 2021. adjustments include a non-cash, pre-tax loss of $247 million in the fiscal 2022 third quarter on the deal contingent forward contracts related to the previously announced acquisition of meggitt plc. earnings per share were $2.67, compared with $3.60 in the third quarter of fiscal 2021. adjusted earnings per share increased 17% to a record of $4.83, compared with adjusted earnings per share of $4.12 in the prior year quarter. fiscal year-to-date cash flow from operations was $1.55 billion, or 13.3% of sales, compared with $1.88 billion, or 18.1% of sales, in the prior year period. a reconciliation of non-gaap measures is included in the financial tables of this press release.
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