Parker Increases Quarterly Cash Dividend
April 22 2021 - 5:00PM
Parker Hannifin Corporation (NYSE: PH), the global leader in motion
and control technologies, today announced that its Board of
Directors has declared a regular quarterly cash dividend of $1.03
per share of common stock to shareholders of record as of May 7,
2021. The dividend is payable June 4, 2021. The
dividend represents a 17% increase over the previous quarterly cash
dividend of 88 cents per common share and is the company's 284th
consecutive quarterly dividend.
"This dividend increase reflects the Board's confidence in our
financial position and our continued ability to generate strong
cash flows throughout the business cycle,” said Todd Leombruno,
Executive Vice President and Chief Financial Officer. “We
remain committed to maintaining our record of increasing our annual
dividend payout which now stands at 65 consecutive fiscal years and
is among the top five longest-running dividend-increase records in
the S&P 500 Index.”
Parker Hannifin is a Fortune 250 global leader in motion and
control technologies. For more than a century the company has
been enabling engineering breakthroughs that lead to a better
tomorrow. Learn more at www.parker.com or
@parkerhannifin.
Forward-Looking StatementsForward-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
the use of forward-looking terminology such as “anticipates,”
“believes,” “may,” “should,” “could,” “potential,” “continues,”
“plans,” “forecasts,” “estimates,” “projects,” “predicts,” “would,”
“intends,” “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. Parker cautions readers not to place
undue reliance on these statements. 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. Additionally, the actual impact of
changes in tax laws in the United States and foreign jurisdictions
and any judicial or regulatory interpretation thereof on future
performance and earnings projections may impact the company’s tax
calculations. 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 are: the
impact of the global outbreak of COVID-19 and governmental and
other actions taken in response; 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
LORD Corporation or Exotic Metals; 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; global competitive market conditions,
including global reactions to U.S. trade policies, 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.
###
Contact:
Media –
Aidan Gormley, Director, Global Communications and Branding
216/896-3258
aidan.gormley@parker.com
Financial Analysts –
Robin J. Davenport, Vice President, Corporate Finance
216/896-2265
rjdavenport@parker.com
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