2024-05-02 14:50:04 ET
Parker-Hannifin Corporation (PH)
Q3 2024 Earnings Conference Call
May 2, 2024 11:00 AM ET
Company Participants
Jennifer Parmentier - Chairman and CEO
Todd Leombruno - EVP and CFO
Conference Call Participants
Scott Davis - Melius Research
Andrew Obin - Bank of America
David Raso - Evercore ISI
Joe Ritchie - Goldman Sachs
Jamie Cook - Truist Securities
Nathan Jones - Stifel
Julian Mitchell - Barclays
Mig Dobre - Baird
Jeffrey Sprague - Vertical Research Partners
Joe O'Dea - Wells Fargo
Joe Giordano - TD Cowen
Brett Linzey - Mizuho
Nigel Coe - Wolfe Research
Presentation
Operator
Greetings. Welcome to Parker-Hannifin Corporation's Fiscal 2024 Third 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. [Operator Instructions] Please note that today's conference is being recorded.
At this time, I'll now turn the conference over to Todd Leombruno, Chief Financial Officer. Mr. Leombruno, you may now begin your presentation.
Todd Leombruno
Thank you, Rob, and good day, everyone. As Rob said, this is Parker's fiscal year 2024 third quarter earnings release webcast. This is Todd Leombruno, Chief Financial Officer speaking. With me on the call today is our Chairman and Chief Executive Officer, Jenny Parmentier.
We appreciate your interest in Parker, and we thank you for joining us today. If we move 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 listed here. The press release, this presentation and reconciliations for all non-GAAP measures that we will discuss today were released this morning and are available under the Investors section on parker.com.
We're going to start today with Jenny reviewing the highlights of our strong third quarter performance, and then she's going to highlight how the competitive advantage of our high-performance culture is getting our global team members to deliver consistent margin expansion.
I will follow up then with some color on the financial results of the quarter, and I will provide some assumptions to our increase in the fiscal year 2024 guidance. We're going to end the call with a Q&A session, and we'll try to take as many questions as we possibly can. Just a reminder, please try to limit your questions to one and a follow-up, if needed, so we can get to all of those in the queue.
With that, I now draw your attention to Slide 3, and Jenny, I will hand it over to you.
Jennifer Parmentier
Thank you, Todd. Q3 was another quarter where the team delivered outstanding results executing the Win Strategy. Starting with safety, a 17% reduction in recordable incidents over prior Q3. Safety has been and will remain our top priority. Record sales of $5.1 billion in the quarter, with organic growth of 1.2%, record adjusted segment operating margin of 24.7%, that's a 150 basis point improvement over prior year with all segments expanding margins....
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Parker-Hannifin Corporation (PH) Q3 2024 Earnings Call Transcript