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$PH 3Q15 10-Q: Long-term debt at March 31, 2015 increased from June 30, 2014 amount as PH issued $1,500MM of medium-term notes during 2Q15. Cash flows used in financing activities included repurchase of 10.7MM common shares for $1,344MM in first nine months of FY15 vs. repurchase of 1.3MM common shares for $150MM in the first nine months of FY14.
Tech firm $PH said the US Department of Justice has filed a final judgment in the Delaware Court, seeking approval of settlement in a complaint regarding the company’s qualified aviation ground fuel filtration business. As per the terms, Parker will divest the Facet filtration unit, which was part of the CLARCOR businesses it had acquired earlier.
$PH narrowed its FY17 EPS from continuing operations guidance to $6.90-7.20 from $6.71-7.21, while lifting its adjusted EPS estimate to $7.70-8.00 from $7.05-7.55. The forecast is adjusted for expected business realignment expenses and acquisition related expenses. The estimate has been updated to include acquisitions.
$PH reported a jump in 3Q17 earnings driven by accelerated sales growth and benefits of ongoing execution of Win Strategy initiatives. Net income rose to $238.7MM or $1.75 per share from $187.1MM or $1.37 per share last year. Sales grew to $3.12Bil from $2.83Bil. Adjusted EPS increased to $2.11 from $1.51.
$PH said Jon Marten, EVP, Finance and Administration and CFO, will retire after 30 years of dedicated service to the company. The Board elected Catherine Suever, currently VP and Controller and acting CFO, to succeed Marten as EVP, Finance and Administration and CFO, effective immediately.
$PH completes the acquisition of CLARCOR for approx. $4.3Bil in a cash transaction, which includes the net debt. On Dec. 1, 2016, $PH purchased all outstanding CLARCOR shares for $83 per share in cash. This deal is expected to add to the company's cash flow, EPS and EBITDA, after adjusting for one-time costs.
$PH lifted FY17 EPS from continuing operations guidance to $6.71-7.21 from $6.15-6.85 and its adjusted EPS estimate to $7.05-7.55 from $6.40-7.10. The company raised its organic growth forecast for 2H17 from 2.3% to 3.3% at the midpoint in its new guidance.
$PH reported a rise in 2Q17 earnings driven by lower costs and expenses as well as gain from sale of Autoline product line. Net income rose to $241.3MM or $1.78 per share from $182.98MM or $1.33 per share last year. Net sales fell to $2.67Bil from $2.71Bil. Adjusted EPS increased to $1.91 from $1.52.
$CLC reported a drop in 4Q16 earnings due to negative impact from expenses associated with the pending $PH transaction and upfront expenses for cost reduction initiatives. Net income fell to $29MM or $0.59 per share from $33.05MM or $0.67 per share last year. Net sales grew to $376.95MM from $372.55MM. Adjusted EPS was flat at $0.74.
$PH agreed to buy $CLC. Upon closing, $CLC will be combined with $PH's Filtration Group to form diverse global filtration business. $PH intends to make debt reduction a priority in the near term. The transaction is not expected to impact $PH's dividend payout target of about 30% of net income while maintaining record of annual dividend rises.
$PH agreed to buy $CLC. $PH expects to realize annual run rate cost synergies of about $140MM 3 years after closing through variety of initiatives. The transaction is expected to be accretive to $PH's cash flow, EPS, and EBITDA margins, after adjusting for one-time costs. After completion, $PH will maintain high investment grade credit profile.
$PH agreed to buy $CLC for about $4.3Bil in cash, including the assumption of net debt, or $83 per share in cash. The transaction has been unanimously approved by the BoD of each company. $PH plans to finance the transaction using cash and new debt. The transaction is expected to be completed by or during $PH's 1Q18.