 |
Lock in savings now before June 1 rate increase! |
 |
Net income fell to $29.1 million on sales of $1.44 billion. Net of eight cents per share in realignment costs
(including severance and manufacturing relocations) and the write-down of an investment in a Japanese joint venture, earnings
were 33 cents per diluted share. Net income was $78.3 million, or 68 cents per share for the same period last year (78 cents
per share excluding goodwill amortization).
'We're staying focused on our lean initiatives,' said Parker CEO Don Washkewicz.
'In our acquired and base businesses, we made progressive moves during this downturn to improve operating efficiencies, especially
consolidating and relocating ...
Net income fell to $29.1 million on sales of $1.44 billion. Net of eight cents per share in realignment costs
(including severance and manufacturing relocations) and the write-down of an investment in a Japanese joint venture, earnings
were 33 cents per diluted share. Net income was $78.3 million, or 68 cents per share for the same period last year (78 cents
per share excluding goodwill amortization).
'We're staying focused on our lean initiatives,' said Parker CEO Don Washkewicz.
'In our acquired and base businesses, we made progressive moves during this downturn to improve operating efficiencies, especially
consolidating and relocating product lines.'
The company noted that revenue in its base business, excluding acquisitions
completed within the last year, was 14 percent lower than last year, reflecting lower volume in every segment, including Aerospace.
With a two-percent decline in sales, Parker Aerospace recorded a margin of 16.1 percent during the quarter (16.8 percent excluding
realignment costs).
Quarterly sales and income fell across the board on the industrial side, with a 12-percent decline
in North American sales and a seven-percent drop in the International units. In both cases, operating income was substantially
lower, with the most significant declines noted in what traditionally are the company's most profitable industrial markets,
including factory automation, semiconductor manufacturing and telecommunications. Costs associated with realignment and the
investment write-down also affected industrial margins, especially in the International business, which recorded a 2.8-percent
return on sales, or 5.0 percent without these costs. The North American industrial units reported an operating margin of 3.6
percent (4.0 percent excluding realignment costs).
In the company's 'Other' segment, including Climate & Industrial
Controls and the addition of Astron and Wynn Oil since last year, the return on sales was 4.4 percent, or 5.2 percent without
realignment costs.
Year-to-date results
For the first six months of fiscal 2002, the company recorded net
income of $89.6 million on sales of $2.91 billion. A year ago, net income was $203.4 million with sales of $2.95 billion.
 |
 Download
the Top 40 Industrial List -FREE |
| View the Top Distributors in 12 Sectors: | |
| 2011 Distribution Landscape Report: Access Now | |
Join MDM's Independent Distributor
Network 
Follow MDM on Twitter
 Critical Profit Driversin Distribution Al Bates, Profit Planning Group, speaks frankly about the most important factors to driving profit. Watch now. iPad users: click here to view. |
 Economic Update:Behind the Moderation MAPI Economist Cliff Waldman discusses some of the factors behind the slowing economic recovery. Watch now. |
 7 Minutes With ...Bell Electrical Supply CEO Burt Schraga discusses the importance of building a strong culture in his organization. Watch now. |
More Audio and Video Features from MDM: |
Think About It: |
|
Training Resources
 |
 |
 |
 |
|||
|
Featured Article: What AmazonSupply.com Means for Independent Distributors $34.95 |
Inventory Management Best Practices with Jon Schreibfeder: DVD + Book $119.00 |
The State of E-Commerce and Catalogs in Distribution $44.95 |
Benchmarks & Best Practices: The Answer Book for Growth-Minded CFOs & Controllers $249.00 |
| Title | Company | Location |
|---|---|---|
| Digital Strategy Manager | Border States Electric | Fargo North Dakota |
| Risk Manager | Border States Electric | Fargo ND |
| Purchasing Manager | PCA SKIN | Scottsdale, AZ |
| BUSINESS DEVELOPMENT MANAGER | Graybar Electric Company | Denver, CO |
| INDUSTRIAL OUTSIDE SALES REPRESENTATIVE | Graybar Electric Company | Phoenix, AZ |
| General Manager | Applied Industrial Technologies | Norfolk, VA |
| Rubber Specialist | Applied Industrial Technologies | Baltimore, MD |
| View ALL Wholesale Distribution Job Listings |
|
|
 |
|
|
|
 |
Leave a Comment