Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
Parker-Hannifin Corp., consolidated income statement (quarterly data)
US$ in thousands
Based on: 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-K (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30).
Net sales exhibit a consistent long-term upward trajectory, growing from 2.74 billion US dollars in September 2016 to 4.67 billion US dollars by December 2022. While growth was generally steady, a temporary contraction occurred during the second quarter of 2020, followed by a robust recovery and accelerated expansion through 2022.
- Gross Profitability and Margin Trends
- Gross profit increased from 637 million US dollars in September 2016 to 1.44 billion US dollars in December 2022. This growth closely mirrors the increase in net sales, indicating a stable cost of sales relative to revenue. The most significant expansion in gross profit is observed in the final three quarters of the analyzed period, reflecting enhanced pricing power or production efficiencies.
- Operating Income and Expense Volatility
- Operating income grew from 314 million US dollars in September 2016 to a peak of 780 million US dollars in June 2022. However, a notable shift in expense structure occurred in the second half of 2022, where selling, general, and administrative expenses spiked to over 800 million US dollars per quarter, compared to a historical range of 350 million to 450 million US dollars. This surge in overhead resulted in a compression of operating income to 623 million US dollars by December 2022.
- Net Income and Non-Operating Factors
- Net income demonstrates significant volatility attributed primarily to non-operating items. A sharp decline in profitability was observed in December 2017 and June 2022. The June 2022 decline was specifically driven by a substantial negative impact from other income/expense, which reached approximately 591 million US dollars. Despite these anomalies, the baseline net income attributable to common shareholders trended higher over the six-year period.
- Financial Obligations and Tax Impact
- Interest expenses showed a steady increase over time, rising from 34 million US dollars in late 2016 to 146 million US dollars by December 2022, suggesting an increase in the company's debt load or higher borrowing costs. Income tax expenses remained generally proportional to pre-tax income, with the exception of June 2022, where a tax benefit of 10 million US dollars was recorded amidst heavy non-operating losses.
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