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Home » Parker Hannifin 2010 2Q Sales Fall 12.4%

Parker Hannifin 2010 2Q Sales Fall 12.4%

By    MDM  Staff 
January 19, 2010
More about:  Industrial,  PT/Motion Control/Fluid Power,  Parker Hannifin
Organic sales for Parker Hannifin were down 16%.
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Parker Hannifin Corp. (NYSE: PH), Cleveland, OH, global manufacturer of motion and control technologies, reported sales for the fiscal 2010 second quarter ended Dec. 31, 2009, were $2.4 billion, an increase of 5.3% from the first quarter, and a decline of 12.4% from $2.7 billion in the year-ago period. Organic sales were down 16% in the quarter.
 
Profit for the second quarter was $104.6 million, an increase of 42.3% compared with the first quarter of fiscal 2010 and a decline of 32.7% compared with $155.4 million in the second quarter of fiscal 2009.
 
"This quarter's results largely reflect the execution of our Win Strategy including the benefits of actions we have taken to restructure our operations since the recession began," said CEO and President Don Washkewicz. "Notably, our performance has improved significantly relative to the first quarter of the year."
 
In the Industrial North America segment, second quarter sales declined 14.7% to $847.2 million, and operating income increased 6.3% to $114.4 million, compared with the same period a year ago.
 
In the Industrial International segment, second quarter sales declined 10.6% to $932.1 million, and operating income declined 28.2% to $82.6 million, compared with the same period a year ago.
 
In the Aerospace segment, second quarter sales declined 15.4% to $400.6 million, and operating income declined 41.1% to $41.0 million, compared with the same period a year ago.
 
In the Climate & Industrial Controls segment, second quarter sales declined 2.4% to $174.9 million, and operating income increased 147.9% to $6.1 million, compared with the same period a year ago.
 
In addition to financial results, Parker also reported a decline of 7% in total orders for the quarter, compared with the same quarter a year ago. Parker reported the following orders by operating segment:
  • Orders declined 3% in the Industrial North America segment, compared with the same quarter a year ago.
  • Orders were unchanged in the Industrial International segment, compared with the same quarter a year ago.
  • Orders declined 27% in the Aerospace segment on a rolling 12 month average basis.
  • Orders increased 6% in the Climate and Industrial Controls segment, compared with the same quarter a year ago.


 
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