Parker-Hannifin Corp Q1 2021 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Nathan Hardie Jones - Stifel, Nicolaus & Company, Incorporated, Research Division - Analyst : Just like to start with the top line guide. Cathy, you said you're intending or you're planning for that to split 48-52, which I think is what it typically splits for you every year and kind of the way that you typically guide at this point in the year, which also then implies that you don't really see any fundamental sequential improvement in the businesses. Is that the way you've gone about framing this guidance? And if we do see the economy gradually get better as we go through the rest of the year, would that tend to suggest that maybe your second half of '21 guidance could be a little bit better than where you're at the moment? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.

Question: Nathan Hardie Jones - Stifel, Nicolaus & Company, Incorporated, Research Division - Analyst : Okay. Then on free cash flow, obviously, very good conversion and a lot of free cash flow this quarter. That's going to be typical when you're seeing declining revenue as you liquidate your own working capital. As we get later in the year and you're starting to look at more actual year-over-year growth, how are you thinking about free cash flow and free cash flow conversion for the full year based on the guidance that you've provided for the top line here?

Question: Nathan Hardie Jones - Stifel, Nicolaus & Company, Incorporated, Research Division - Analyst : But you think it will be over 100% each quarter for the year?

Question: Nathan Hardie Jones - Stifel, Nicolaus & Company, Incorporated, Research Division - Analyst : Okay. Well, congratulations, Cathy. And congratulations, and welcome back, Todd. I'll pass it on.