- Safety is the company's first priority. Since December 2014, the company has reduced its recordable incident rate by 54%, demonstrating meaningful progress toward a goal of zero incidents.
- Parker is actively measuring customer experience and has identified priorities for increased Likelihood-to-Recommend scores throughout the company.
- As previously communicated on February 1, 2018, the company estimates that it will end fiscal year 2018 with 6.5% organic sales growth, which would exceed the forecasted global industrial production index by 310 basis points, well ahead of its target of 150 basis points by fiscal 2020.
- Through simplification, lean enterprise, strategic supply chain and value pricing initiatives, Parker has significantly increased profitability and is expected to reach 16.3% adjusted segment operating margins and 17.6% adjusted EBITDA margins in fiscal year 2018.
Williams added, "The dedication of our global team members in implementing the Win Strategy has generated the significant performance improvements. As a result of the progress to date and our focus on continuous improvement, we have established new five year targets that will help position us to achieve top quartile financial performance and create value for our shareholders."The company outlined the following financial targets by the end of fiscal 2023:
- Organic sales growth targeted at 150 basis points greater than the Global Industrial Production Index.
- Profitability as measured by segment operating margins of 19% and EBITDA margins of 20%.
- Free cash flow conversion of greater than 100%.
- A greater than 10% compound annual growth rate in adjusted earnings per share.
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