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Parker-Hannifin Corporation (PH)

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Parker Hannifin Corporation (PH)

2013 Annual Shareholder Meeting

October 23, 2013 9:00 am ET

Executives

Donald E. Washkewicz - Chairman, Chief Executive Officer and President

Thomas A. Piraino - Vice President, General Counsel and Secretary

Pamela J. Huggins - Vice President and Treasurer

Lee C. Banks - Executive Vice President and Operating Officer

Jon P. Marten - Chief Financial Officer and Executive Vice President of Finance & Administration

Catherine A. Suever - Principal Accounting Officer, Vice President and Controller

Thomas L. Williams - Executive Vice President and Operating Officer

Presentation

Donald E. Washkewicz

Okay. Good morning. How is everybody doing this morning? We're going to go ahead and get started then. I'll start it off.

The 2013 Annual Meeting of Shareholders of Parker Hannifin Corporation will please come to order. I am Donald E. Washkewicz, Chairman of the Board, Chief Executive Officer and President. At my left is Thomas A. Piraino, Vice President, General Counsel and Secretary of the company, who will act as Secretary of this meeting.

I'd like to welcome all of our shareholders who are here as well as those participating in this meeting via the webcast. I would like to introduce the persons present, who are nominees for election as directors for a 1-year term. And they are: Robert G. Bohn, retired Chief Executive Officer and Chairman of the Board of Oshkosh Corporation; Linda S. Harty, Treasurer of Medtronic, Inc.; William E. Kassling, Lead Director of the Board of Directors of Webtec Corporation; Robert J. Kohlhepp, Chairman and Director of Cintas Corporation; Kevin A. , Chief Executive Officer, President and Director of Stryker Corporation; Klaus-Peter Muller, Chairman of Supervisory Board of Commerzbank AG; Candy M. Obourn, Chairman of Isoflux Incorporated; Joseph M. Scaminace, Director, Chief Executive Officer, President and Chairman of the Board of OAM Group Inc.; Wolfgang R. Schmitt, Chief Executive Officer of Trends 2 Innovation; Ake Svensson, Director General of the Association of Swedish Engineering Industries; James L. Wainscott, Chief Executive Officer, President and Chairman of the Board of AK Steel Holding Corporation; and myself.

Other executives present today are Jon P. Marten, Executive Vice President, Finance Administration and Chief Financial Officer; Lee C. Banks, Executive Vice President and Operating Officer; Thomas L. Williams, Executive Vice President and Operating Officer; Daniel S. Serbin, Executive Vice President, Human Resources; Robert W. Bond, Vice President and President of the Fluid Connectors Group; Michael Chung, Vice President and President of Automation Group; Jeffrey A. Cullman, Vice President and President of the Hydraulics Group; Jon R. Greco, Vice President and President of the Instrumentation Group; Kurt A. Keller, Vice President and President of the Asia Pacific Group; Peter Popoff, Vice President and President of the Filtration Group; Andrew D. Ross, Vice President and President of the Engineered Materials Group; Roger S. Sherrard, Vice President and President of the Aerospace Group; Jon G. Dedinsky Jr., Vice President, Global Supply Chain and Procurement; William G. Eline, Vice President and Chief Information Officer; Pamela J. Huggins, Vice President and Treasurer; M. Craig Maxwell, Vice President and Chief Technology and Innovation Officer; Charly Saulnier, Vice President; Catherine A. Suever, Vice President and Controller; [indiscernible], President, Europe, Middle East and Africa Group; and Candido Lima, President, Latin America Group.

Also representing Deloitte & Touche is Jeanne McGovern, a partner of that firm.

Will the Secretary please present the affidavit as to giving of notice of this meeting as of the record date August 30, 2013?

Thomas A. Piraino

Mr. Chairman, I'm pleased to present the affidavit as to the mailing of notice to shareholders as of such date.

Donald E. Washkewicz

The affidavit, together with the attached copies of the notice and related documents mailed to the shareholders, will be filed with the minutes of this meeting. I ask the Secretary to present the list of shareholders as of August 30, 2013.

Thomas A. Piraino

Mr. Chairman, I present a list of the company's shareholders as of such date certified by Wells Fargo Shareowner Services, the transfer agent.

Donald E. Washkewicz

I appoint Corporate Election Services as inspector of election of this meeting. Representing Corporate Election Services is Lang Johnston. All persons holding proxies are requested to give their proxies to the inspector. All shareholders present who wish to vote in person on any matter that come before this meeting and who have not already advised the inspector or our receptionist and received their voting ballots and instructions, please do so at this time.

How many shares are present, Mr. Johnston?

Lang Johnston

Mr. Chairman, there are present in person or by proxy at this meeting 130 million shares, a quorum for the transaction of business representing over 87% of shares issued and outstanding.

Donald E. Washkewicz

I request the Secretary to present to the meeting the minutes of the last meeting of shareholders, which was the annual meeting held on Mayfield Heights, Ohio on October 24, 2012.

Thomas A. Piraino

Mr. Chairman, I present eloquent and expertly drafted minutes of the last meeting.

Donald E. Washkewicz

Very good. Mr. Secretary, that's very good.

Thomas A. Piraino

I present the financial statements of the company for the fiscal year ended June 30, 2013, certified by Deloitte & Touche LLP. The company's annual report containing these audited financial statements has been mailed to the shareholders.

Donald E. Washkewicz

I'll now take a few minutes to comment on the company's financial results for the 2013 fiscal year and for the first quarter of 2014.

Good morning again. So just a couple of disclaimers here, if you want to read through that real quick, and then the GAAP measures as well. So today, what I'll do is I'll review for you the 2013 results, give you a little bit of a business update in the first quarter of the 2014, tell you a little bit about how we're doing this year.

Read the rest of this transcript for free on seekingalpha.com