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"Demand levels continued to improve across many markets as reflected in a significant increase in sales for the first quarter," said CEO and President Don Washkewicz. "Sales improved in every segment, with total sales increasing 27 percent organically, while foreign currency translation negatively impacted sales by 1 percent. Order rates also increased in all segments.
"We are particularly pleased with our ability to leverage improved top line performance into record level operating margins and earnings. Our total segment operating margin performance was at an all-time record level of 15.5 percent, led by record Industrial North America segment margins of 17.8 percent and record Industrial International segment margins of 16.8 percent. We also continued to deliver strong operating cash flow, which gave us the flexibility to make a discretionary contribution to our pension plan."
Parker reported an increase of 29 percent in total orders for the quarter ending Sept. 30, 2010, compared with the same quarter a year ago. The company reported the following orders by operating segment:
Parker Hannifin employs 55,000 people in 46 countries.