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"We're in the final stages of our planned realignment
activities," said Parker CEO Don ...
"We're in the final stages of our planned realignment
activities," said Parker CEO Don Washkewicz. "Our cash flow was strong again this quarter, and working capital and capital
expenditures are down materially from two years ago. We remain focused on our 'Win Strategy' initiatives to further enhance
our prospects for future growth and profitability."
Working off of backlog, Parker Aerospace recorded an operating
margin of 15.5 percent for the quarter, with a 4.5-percent decline in sales. The company noted stability in commercial aviation,
but expects its aerospace unit to contend with margin pressure for the foreseeable future.
Both the North American
and International Industrial units increased sales and operating income during the second quarter. With help from recent acquisitions
and currency, sales were up 29 percent in the company's International Industrial businesses, and the operating margin was
6.0 percent. The North American Industrial margin was 4.1 percent, on a four-percent increase in sales.
In the "Other"
segment, sales decreased seven percent after last year's divestiture of a non-core business, while the operating margin improved
to 6.3 percent. Included in this segment is Climate and Industrial Controls, which posted higher sales and profits.
Year-to-Date
Results
For the first six months of fiscal 2003, the company recorded net income of $98.5 million, or 84 cents per
diluted share (90 cents before realignment charges and an investment write-down) on sales of $3.10 billion. Income is up 10
percent over last year's $89.6 million, or 77 cents per diluted share (88 cents excluding realignment costs and an investment
write-down), earned on sales of $2.91 billion.
Outlook
"Historically, our post-recession rebound has been
very strong. When the industrial recession ends, we're confident the company will be positioned to resume more robust growth
and margin improvement," said Washkewicz.
Excluding realignment costs, the company's earnings in the third quarter
of fiscal year 2003 are expected to be between 55 and 65 cents per share, while earnings for the full year are expected to
range from $2.10 to $2.30 per share.
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