• Parker Reports Fiscal 2025 Second Quarter Results

    المصدر: Nasdaq GlobeNewswire / 30 يناير 2025 06:30:14   America/Chicago

    CLEVELAND, Jan. 30, 2025 (GLOBE NEWSWIRE) -- Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today reported results for the quarter ended December 31, 2024, that included the following highlights (compared with the prior year quarter):

    Fiscal 2025 Second Quarter Highlights:

    • Sales were $4.7 billion; organic sales growth was 1%
    • Net income was $949 million, an increase of 39%, or $853 million adjusted, an increase of 6%
    • EPS were $7.25, an increase of 39%, or $6.53 adjusted, an increase of 6%
    • Segment operating margin was 22.1%, an increase of 100 bps, or 25.6% adjusted, an increase of 110 bps
    • YTD cash flow from operations increased 24% to $1.7 billion, or 17.4% of sales

    “Our performance this quarter reflects our focus on operational excellence and the strength of our balanced portfolio,” said Jenny Parmentier, Chairman and Chief Executive Officer. “We delivered record segment operating margin across all businesses, record earnings per share and year-to-date cash flow from operations. Strong cash flow from operations coupled with proceeds from previously announced divestitures allowed us to substantially reduce debt by $1.1 billion this quarter. We are encouraged to see industrial orders turn positive mainly in our longer-cycle businesses. Looking ahead, we have updated our outlook for fiscal year 2025 to reflect stronger Aerospace growth, currency headwinds and a continued delay in the expected industrial recovery. Our strong cash generation creates capital deployment optionality, and we remain committed to our strategy of actively deploying capital to drive shareholder value.”

    This news release contains non-GAAP financial measures. Reconciliations of adjusted numbers and certain non-GAAP financial measures are included in the financial tables of this press release.

    Outlook

    Guidance for the fiscal year ending June 30, 2025 has been updated. The company expects:

    • Sales growth in fiscal 2025 of (2%) to 1%, with organic sales growth of approximately 2%; divestitures of (1.5%) and unfavorable currency of (1.0%)
    • Total segment operating margin of approximately 22.7%, or approximately 25.8% on an adjusted basis
    • EPS of $24.46 to $25.06, or $26.40 to $27.00 on an adjusted basis

    Segment Results

    Diversified Industrial Segment

    North America Businesses       
    $ in mmFY25 Q2 FY24 Q2 Change Organic Growth
    Sales$1,928  $2,110   -8.6%  -5.0%
    Segment Operating Income$427  $462   -7.6%  
    Segment Operating Margin 22.1%  21.9% 20 bps  
    Adjusted Segment Operating Income$473  $510   -7.2%  
    Adjusted Segment Operating Margin 24.6%  24.2% 40 bps  
    • Achieved record adjusted segment operating margin
    • Continued softness in transportation and off-highway markets
    • Delayed industrial recovery
    International Businesses   
    $ in mmFY25 Q2 FY24 Q2 Change Organic Growth
    Sales$1,325  $1,404   -5.7%  -3.0%
    Segment Operating Income$284  $290   -2.2%    
    Segment Operating Margin 21.4%  20.7% 70 bps    
    Adjusted Segment Operating Income$320  $323   -1.2%    
    Adjusted Segment Operating Margin 24.1%  23.0% 110 bps    
    • Achieved record adjusted segment operating margin
    • Broad-based softness continued in Europe
    • Gradual recovery continued in Asia

    Aerospace Systems Segment

    $ in mmFY25 Q2 FY24 Q2 Change Organic Growth
    Sales$1,490  $1,306   14.0%  14.0%
    Segment Operating Income$338  $263   28.5%  
    Segment Operating Margin 22.7%  20.1% 260 bps  
    Adjusted Segment Operating Income$420  $347   21.2%  
    Adjusted Segment Operating Margin 28.2%  26.5% 170 bps  
    • Achieved record sales and adjusted segment operating margin
    • Achieved 14% organic sales growth
    • 20%+ aftermarket and mid-single digit OEM sales growth

    Order Rates

     FY25 Q2
    Parker+5%
    Diversified Industrial Segment - North America Businesses+3%
    Diversified Industrial Segment - International Businesses+4%
    Aerospace Systems Segment+9%
    • Company order rates increased across all reported businesses
    • North America orders turned positive on long-cycle strength
    • International order growth continued, led by Asia
    • Aerospace orders accelerated against a tough prior year comparison

    About Parker Hannifin
    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.

    Contacts: 
    Media:Financial Analysts:
    Aidan GormleyJeff Miller
    216-896-3258216-896-2708
    aidan.gormley@parker.comjeffrey.miller@parker.com
      

    Notice of Webcast
    Parker Hannifin's conference call and slide presentation to discuss its fiscal 2025 second quarter results are available to all interested parties via live webcast today at 11:00 a.m. ET, at investors.parker.com. A replay of the webcast will be available on the site approximately one hour after the completion of the call and will remain available for one year. To register for e-mail notification of future events please visit investors.parker.com.

    Note on Orders The company reported orders for the quarter ending December 31, 2024, compared with the same quarter a year ago. All comparisons are at constant currency exchange rates, with the prior year quarter restated to the current-year rates, and exclude divestitures. Diversified Industrial comparisons are on 3-month average computations and Aerospace Systems comparisons are on rolling 12-month average computations.

    Note on Non-GAAP Financial Measures
    This press release contains references to non-GAAP financial information including (a) adjusted net income; (b) adjusted earnings per share; (c) adjusted operating margin and segment operating margins; (d) adjusted operating income and segment operating income and (e) organic sales growth. The adjusted net income, adjusted earnings per share, adjusted operating margin, adjusted segment operating margin, adjusted operating income, adjusted segment operating income and organic sales measures are presented to allow investors and the company to meaningfully evaluate changes in net income, earnings per share and segment operating margins on a comparable basis from period to period. Although adjusted net income, adjusted earnings per share, adjusted operating margin and segment operating margins, adjusted operating income and segment operating income, and organic sales growth are not measures of performance calculated in accordance with GAAP, we believe that they are useful to an investor in evaluating the results of this quarter versus the prior period. Comparable descriptions of record adjusted results in this release refer only to the period from the first quarter of FY2011 to the periods presented in this release. This period coincides with recast historical financial results provided in association with our FY2014 change in segment reporting. A reconciliation of non-GAAP measures is included in the financial tables of this press release.

    Forward-Looking Statements
    Forward-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. Often but not always, these statements may be identified from the use of forward-looking terminology such as “anticipates,” “believes,” “may,” “should,” “could,” “expects,” “targets,” “is likely,” “will,” or the negative of these terms and similar expressions, and may also include statements regarding future performance, orders, earnings projections, events or developments. Parker cautions readers not to place undue reliance on these statements. It is possible that the future performance may differ materially from expectations, including those based on past performance.

    Among other factors that may affect future performance are: changes in business relationships with and orders by or from major customers, suppliers or distributors, including delays or cancellations in shipments; disputes regarding contract terms, changes in contract costs and revenue estimates for new development programs; changes in product mix; ability to identify acceptable strategic acquisition targets; uncertainties surrounding timing, successful completion or integration of acquisitions and similar transactions; ability to successfully divest businesses planned for divestiture and realize the anticipated benefits of such divestitures; the determination and ability to successfully undertake business realignment activities and the expected costs, including cost savings, thereof; ability to implement successfully business and operating initiatives, including the timing, price and execution of share repurchases and other capital initiatives; availability, cost increases of or other limitations on our access to raw materials, component products and/or commodities if associated costs cannot be recovered in product pricing; ability to manage costs related to insurance and employee retirement and health care benefits; legal and regulatory developments and other government actions, including related to environmental protection, and associated compliance costs; supply chain and labor disruptions, including as a result of tariffs and labor shortages; threats associated with international conflicts and cybersecurity risks and risks associated with protecting our intellectual property; uncertainties surrounding the ultimate resolution of outstanding legal proceedings, including the outcome of any appeals; effects on market conditions, including sales and pricing, resulting from global reactions to U.S. trade policies; manufacturing activity, air travel trends, currency exchange rates, difficulties entering new markets and economic conditions such as inflation, deflation, interest rates and credit availability; inability to obtain, or meet conditions imposed for, required governmental and regulatory approvals; changes in the tax laws in the United States and foreign jurisdictions and judicial or regulatory interpretations thereof; and large scale disasters, such as floods, earthquakes, hurricanes, industrial accidents and pandemics. Readers should also consider forward-looking statements in light of risk factors discussed in Parker’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 and other periodic filings made with the SEC.


    CONSOLIDATED STATEMENT OF INCOME
     Three Months Ended Six Months Ended
    (Unaudited)December 31, December 31,
    (Dollars in thousands, except per share amounts) 2024   2023   2024   2023 
    Net sales$4,742,593  $4,820,947  $9,646,577  $9,668,435 
    Cost of sales 3,022,229   3,101,962   6,119,948   6,199,311 
    Selling, general and administrative expenses 782,421   806,802   1,631,210   1,680,493 
    Interest expense 100,802   129,029   213,893   263,497 
    Other income, net (328,716)  (85,011)  (359,517)  (163,466)
    Income before income taxes 1,165,857   868,165   2,041,043   1,688,600 
    Income taxes 217,208   186,108   393,866   355,471 
    Net income 948,649   682,057   1,647,177   1,333,129 
    Less: Noncontrolling interests 107   206   215   451 
    Net income attributable to common shareholders$948,542  $681,851  $1,646,962  $1,332,678 
            
    Earnings per share attributable to common shareholders:       
    Basic earnings per share$7.37  $5.31  $12.80  $10.38 
    Diluted earnings per share$7.25  $5.23  $12.60  $10.23 
            
    Average shares outstanding during period - Basic 128,752,836   128,426,247   128,707,962   128,449,398 
    Average shares outstanding during period - Diluted 130,758,808   130,367,351   130,716,482   130,314,326 
            
            
    CASH DIVIDENDS PER COMMON SHARE       
     Three Months Ended Six Months Ended
    (Unaudited)December 31, December 31,
    (Amounts in dollars) 2024   2023   2024   2023 
    Cash dividends per common share$1.63  $1.48  $3.26  $2.96 
            


    RECONCILIATION OF ORGANIC GROWTH
    (Unaudited)Three Months Ended
     As Reported     Adjusted
     December 31, 2024 Currency Divestitures December 31, 2024
    Diversified Industrial Segment (7.4)%  (1.3)%  (1.9)%  (4.2)%
    Aerospace Systems Segment 14.0%  —%  —%  14.0%
    Total (1.6)%  (0.9)%  (1.4)%  0.7%
            
    (Unaudited)Six Months Ended
     As Reported     Adjusted
     December 31, 2024 Currency Divestitures December 31, 2024
    Diversified Industrial Segment (5.9)%  (0.8)%  (1.0)%  (4.1)%
    Aerospace Systems Segment 15.9%  0.3%  —%  15.6%
    Total (0.2)%  (0.5)%  (0.8)%  1.1%


    RECONCILIATION OF NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO ADJUSTED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS
     Three Months Ended Six Months Ended
    (Unaudited)December 31, December 31,
    (Dollars in thousands) 2024   2023   2024   2023 
    Net income attributable to common shareholders$948,542  $681,851  $1,646,962  $1,332,678 
    Adjustments:       
    Acquired intangible asset amortization expense 138,126   142,027   278,247   297,547 
    Business realignment charges 20,855   14,354   30,361   27,446 
    Integration costs to achieve 6,893   10,014   13,304   16,420 
    Gain on sale of building —   —   (10,461)  — 
    Gain on divestitures (249,748)  (12,391)  (249,748)  (25,651)
    Tax effect of adjustments1 (11,437)  (33,476)  (45,648)  (69,624)
    Adjusted net income attributable to common shareholders$853,231  $802,379  $1,663,017  $1,578,816 
            


    RECONCILIATION OF EARNINGS PER DILUTED SHARE TO ADJUSTED EARNINGS PER DILUTED SHARE
     Three Months Ended Six Months Ended
    (Unaudited)December 31, December 31,
    (Amounts in dollars) 2024   2023   2024   2023 
    Earnings per diluted share$7.25  $5.23  $12.60  $10.23 
    Adjustments:       
    Acquired intangible asset amortization expense 1.06   1.09   2.13   2.28 
    Business realignment charges 0.16   0.11   0.23   0.21 
    Integration costs to achieve 0.05   0.08   0.10   0.13 
    Gain on sale of building —   —   (0.08)  — 
    Gain on divestitures (1.91)  (0.10)  (1.91)  (0.20)
    Tax effect of adjustments1 (0.08)  (0.26)  (0.33)  (0.53)
    Adjusted earnings per diluted share$6.53  $6.15  $12.74  $12.12 
            
    1This line item reflects the aggregate tax effect of all non-tax adjustments reflected in the preceding line items of the table. We estimate the tax effect of each adjustment item by applying our overall effective tax rate for continuing operations to the pre-tax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment.


    BUSINESS SEGMENT INFORMATION       
     Three Months Ended Six Months Ended
    (Unaudited)December 31, December 31,
    (Dollars in thousands) 2024   2023   2024   2023 
    Net sales       
    Diversified Industrial$3,252,806  $3,514,473  $6,708,964  $7,133,001 
    Aerospace Systems 1,489,787   1,306,474   2,937,613   2,535,434 
    Total net sales$4,742,593  $4,820,947  $9,646,577  $9,668,435 
    Segment operating income       
    Diversified Industrial$710,562  $752,334  $1,494,108  $1,559,088 
    Aerospace Systems 338,184   263,112   661,170   489,372 
    Total segment operating income 1,048,746   1,015,446   2,155,278   2,048,460 
    Corporate general and administrative expenses 56,264   49,902   105,058   105,558 
    Income before interest expense and other income, net 992,482   965,544   2,050,220   1,942,902 
    Interest expense 100,802   129,029   213,893   263,497 
    Other income, net (274,177)  (31,650)  (204,716)  (9,195)
    Income before income taxes$1,165,857  $868,165  $2,041,043  $1,688,600 


    RECONCILIATION OF SEGMENT OPERATING MARGINS TO ADJUSTED SEGMENT OPERATING MARGINS
     Three Months Ended Six Months Ended
    (Unaudited)December 31, December 31,
    (Dollars in thousands) 2024   2023   2024   2023 
    Diversified Industrial Segment sales$3,252,806  $3,514,473  $6,708,964  $7,133,001 
            
    Diversified Industrial Segment operating income$710,562  $752,334  $1,494,108  $1,559,088 
    Adjustments:       
    Acquired intangible asset amortization 62,570   67,309   127,834   135,260 
    Business realignment charges 19,343   13,285   28,243   25,924 
    Integration costs to achieve 627   871   1,405   2,010 
    Adjusted Diversified Industrial Segment operating income$793,102  $833,799  $1,651,590  $1,722,282 
            
    Diversified Industrial Segment operating margin 21.8%  21.4%  22.3%  21.9%
    Adjusted Diversified Industrial Segment operating margin 24.4%  23.7%  24.6%  24.1%
            
     Three Months Ended Six Months Ended
    (Unaudited)December 31, December 31,
    (Dollars in thousands) 2024   2023   2024   2023 
    Aerospace Systems Segment sales$1,489,787  $1,306,474  $2,937,613  $2,535,434 
            
    Aerospace Systems Segment operating income$338,184  $263,112  $661,170  $489,372 
    Adjustments:       
    Acquired intangible asset amortization 75,556   74,718   150,413   162,287 
    Business realignment charges 386   (123)  394   330 
    Integration costs to achieve 6,266   9,143   11,899   14,410 
    Adjusted Aerospace Systems Segment operating income$420,392  $346,850  $823,876  $666,399 
            
    Aerospace Systems Segment operating margin 22.7%  20.1%  22.5%  19.3%
    Adjusted Aerospace Systems Segment operating margin 28.2%  26.5%  28.0%  26.3%
            
    RECONCILIATION OF SEGMENT OPERATING MARGINS TO ADJUSTED SEGMENT OPERATING MARGINS
     Three Months Ended Six Months Ended
    (Unaudited)December 31, December 31,
    (Dollars in thousands) 2024   2023   2024   2023 
    Total net sales$4,742,593  $4,820,947  $9,646,577  $9,668,435 
            
    Total segment operating income$1,048,746  $1,015,446  $2,155,278  $2,048,460 
    Adjustments:       
    Acquired intangible asset amortization 138,126   142,027   278,247   297,547 
    Business realignment charges 19,729   13,162   28,637   26,254 
    Integration costs to achieve 6,893   10,014   13,304   16,420 
    Adjusted total segment operating income$1,213,494  $1,180,649  $2,475,466  $2,388,681 
            
    Total segment operating margin 22.1%  21.1%  22.3%  21.2%
    Adjusted total segment operating margin 25.6%  24.5%  25.7%  24.7%


    CONSOLIDATED BALANCE SHEET   
    (Unaudited)December 31, June 30,
    (Dollars in thousands) 2024   2024 
    Assets   
    Current assets:   
    Cash and cash equivalents$395,507  $422,027 
    Trade accounts receivable, net 2,445,845   2,865,546 
    Non-trade and notes receivable 304,829   331,429 
    Inventories 2,806,983   2,786,800 
    Prepaid expenses 246,467   252,618 
    Other current assets 148,831   140,204 
    Total current assets 6,348,462   6,798,624 
    Property, plant and equipment, net 2,800,992   2,875,668 
    Deferred income taxes 87,400   92,704 
    Investments and other assets 1,232,636   1,207,232 
    Intangible assets, net 7,444,670   7,816,181 
    Goodwill 10,357,303   10,507,433 
    Total assets$28,271,463  $29,297,842 
        
    Liabilities and equity   
    Current liabilities:   
    Notes payable and long-term debt payable within one year$2,373,286  $3,403,065 
    Accounts payable, trade 1,794,884   1,991,639 
    Accrued payrolls and other compensation 420,477   581,251 
    Accrued domestic and foreign taxes 364,143   354,659 
    Other accrued liabilities 1,034,501   982,695 
    Total current liabilities 5,987,291   7,313,309 
    Long-term debt 6,667,955   7,157,034 
    Pensions and other postretirement benefits 409,873   437,490 
    Deferred income taxes 1,394,882   1,583,923 
    Other liabilities 684,401   725,193 
    Shareholders' equity 13,118,553   12,071,972 
    Noncontrolling interests 8,508   8,921 
    Total liabilities and equity$28,271,463  $29,297,842 


    CONSOLIDATED STATEMENT OF CASH FLOWS   
     Six Months Ended
    (Unaudited)December 31,
    (Dollars in thousands) 2024   2023 
    Cash flows from operating activities:   
    Net income$1,647,177  $1,333,129 
    Depreciation and amortization 454,869   468,165 
    Stock incentive plan compensation 106,472   108,061 
    Gain on sale of businesses (250,373)  (25,964)
    (Gain) loss on property, plant and equipment and intangible assets (6,975)  5,097 
    Net change in receivables, inventories and trade payables 70,981   (42,804)
    Net change in other assets and liabilities (405,002)  (407,366)
    Other, net 61,584   (86,331)
    Net cash provided by operating activities 1,678,733   1,351,987 
    Cash flows from investing activities:   
    Capital expenditures (216,493)  (204,117)
    Proceeds from sale of property, plant and equipment 13,259   1,360 
    Proceeds from sale of businesses 622,182   74,595 
    Other, net (6,941)  (2,954)
    Net cash provided by (used in) investing activities 412,007   (131,116)
    Cash flows from financing activities:   
    Net payments for common stock activity (189,681)  (136,394)
    Acquisition of noncontrolling interests —   (2,883)
    Net payments for debt (1,494,484)  (784,847)
    Dividends paid (420,061)  (381,115)
    Net cash used in financing activities (2,104,226)  (1,305,239)
    Effect of exchange rate changes on cash (13,034)  (7,999)
    Net decrease in cash and cash equivalents (26,520)  (92,367)
    Cash and cash equivalents at beginning of year 422,027   475,182 
    Cash and cash equivalents at end of period$395,507  $382,815 
        


    RECONCILIATION OF FORECASTED ORGANIC GROWTH 
    (Unaudited) 
    (Amounts in percentages)Fiscal Year 2025
    Forecasted net sales(2%) to 1%
    Adjustments: 
    Currency1.0%
    Divestitures1.5%
    Adjusted forecasted net sales0.5% to 3.5%
      
    RECONCILIATION OF FORECASTED SEGMENT OPERATING MARGIN TO ADJUSTED FORECASTED SEGMENT OPERATING MARGIN
      
    (Unaudited) 
    (Amounts in percentages)Fiscal Year 2025
    Forecasted segment operating margin~ 22.7%
    Adjustments: 
    Business realignment charges0.2%
    Costs to achieve0.1%
    Acquisition-related intangible asset amortization expense2.8%
    Adjusted forecasted segment operating margin~ 25.8%
      
     


    RECONCILIATION OF FORECASTED EARNINGS PER DILUTED SHARE TO ADJUSTED FORECASTED EARNINGS PER DILUTED SHARE
      
    (Unaudited) 
    (Amounts in dollars)Fiscal Year 2025
    Forecasted earnings per diluted share$24.46 to $25.06
    Adjustments: 
    Business realignment charges0.39
    Costs to achieve0.15
    Acquisition-related intangible asset amortization expense4.22
    Net gain on divestitures(1.91)
    Gain on sale of building(0.08)
    Tax effect of adjustments1(0.83)
    Adjusted forecasted earnings per diluted share$26.40 to $27.00
      
      
    1This line item reflects the aggregate tax effect of all non-tax adjustments reflected in the preceding line items of the table. We estimate the tax effect of each adjustment item by applying our overall effective tax rate for continuing operations to the pre-tax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment.
      
    Note: Totals may not foot due to rounding


    SUPPLEMENTAL INFORMATION
            
    BUSINESS SEGMENT INFORMATION       
     Three Months Ended Six Months Ended
    (Unaudited)December 31, December 31,
    (Dollars in thousands) 2024   2023   2024   2023 
    Net sales       
    Diversified Industrial:       
    North America businesses$1,928,008  $2,110,203  $4,028,332  $4,340,109 
    International businesses 1,324,798   1,404,270   2,680,632   2,792,892 
            
    Segment operating income       
    Diversified Industrial:       
    North America businesses$426,567  $461,850  $911,130  $967,903 
    International businesses 283,995   290,484   582,978   591,185 


    RECONCILIATION OF ORGANIC GROWTH      
    (Unaudited)Three Months Ended
     As Reported       Adjusted
     December 31, 2024  Currency  Divestitures December 31, 2024
    Diversified Industrial Segment:             
    North America businesses (8.6)%  (0.4)%  (3.2)%  (5.0)%
    International businesses (5.7)%  (2.7)%  —%  (3.0)%
                  
    (Unaudited)Six Months Ended
      As Reported         Adjusted 
      December 31, 2024   Currency  Divestitures  December 31, 2024 
    Diversified Industrial Segment:             
    North America businesses (7.2)%  (0.5)%  (1.7)%  (5.0)%
    International businesses (4.0)%  (1.3)%  —%  (2.7)%


    RECONCILIATION OF SEGMENT OPERATING MARGINS TO ADJUSTED SEGMENT OPERATING MARGINS
     Three Months Ended Six Months Ended
    (Unaudited)December 31, December 31,
    (Dollars in thousands) 2024   2023   2024   2023 
    Diversified Industrial Segment:       
    North America businesses sales$1,928,008  $2,110,203  $4,028,332  $4,340,109 
            
    North America businesses operating income$426,567  $461,850  $911,130  $967,903 
    Adjustments:       
    Acquired intangible asset amortization 40,985   44,699   83,960   89,382 
    Business realignment charges 5,444   3,250   8,888   5,834 
    Integration costs to achieve 445   562   1,050   1,507 
    Adjusted North America businesses operating income$473,441  $510,361  $1,005,028  $1,064,626 
            
    North America businesses operating margin 22.1%  21.9%  22.6%  22.3%
    Adjusted North America businesses operating margin 24.6%  24.2%  24.9%  24.5%
            
     Three Months Ended Six Months Ended
    (Unaudited)December 31, December 31,
    (Dollars in thousands) 2024   2023   2024   2023 
    Diversified Industrial Segment:       
    International businesses sales$1,324,798  $1,404,270  $2,680,632  $2,792,892 
            
    International businesses operating income$283,995  $290,484  $582,978  $591,185 
    Adjustments:       
    Acquired intangible asset amortization 21,585   22,610   43,874   45,878 
    Business realignment charges 13,899   10,035   19,355   20,090 
    Integration costs to achieve 182   309   355   503 
    Adjusted International businesses operating income$319,661  $323,438  $646,562  $657,656 
            
    International businesses operating margin 21.4%  20.7%  21.7%  21.2%
    Adjusted International businesses operating margin 24.1%  23.0%  24.1%  23.5%

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