LONDON (ShareCast) - (Sharecast News) - Motion and control specialist Parker Hannifin posted a record turnout on a raft of financial metrics for its recently-ended financial year.
Commenting on the engineer's full-year 2021 results, its chief executive officer, Tom Williams, highlighted its record sales, net income, earnings per share, segment operating margins and cash flow from operations.

"Despite extraordinary challenges, we generated record financial performance in fiscal 2021 [...]."

On the company's outlook, he added: "We are encouraged by the positive demand trends across many of our end markets and anticipate a continued recovery in commercial aerospace during fiscal 2022.

"We expect this improving macro-economic outlook to enhance the impact of our continued actions to drive profitable growth by executing the Win Strategy and delivering top quartile financial performance."

For the three months ending on 30 June, the firm reported a 25% increase in sales to reach $3.96bn, while net income was ahead by 74% in comparison to $504.8m.

Full-year sales meanwhile grew 5% to a record $14.35bn, resulting in a 45% surge in net income to $1.75bn.

On an adjusted basis, quarterly earnings per share were up by roughly 47% at $4.38 and by 21% to $15.04 on a full-year basis.

Parker also lowered its gross debt as a proportion of earnings before interest, taxes, depreciation and amortisation to 2.1 times'.

Regarding its recent takeover offer for UK engineer Meggitt, Williams said the transaction was expected to close in 12 months' time, adding that Parker was pleased that the acquisition had won the full support of the company's board.

"During our longstanding presence in the UK we have built great respect for Meggitt, its heritage, and its place in British industry. Our own journey over more than 100 years has taught us the importance of a strong culture and reputation," he said.

The engineer also forecast full-year FY 2022 earnings per share in a range of $16.20-17.00 on an adjusted basis.

That guidance assumed organic sales growth of 5.0-9.0%.

As of 1331 BST, shares of Parker Hannifin were unchanged at $303.35 in pre-market trading.

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