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Parker Hannifin Sales up 22% in Second Quarter

Parker Hannifin Corp. (NYSE: PH), Cleveland, OH, manufacturer of motion and control technologies, reported sales for the fiscal 2011 second quarter ended Dec. 31, 2010, were $2.9 billion, an increase of 21.7 percent from the year-ago period.

Profit was $231.7 million.

"Demand levels remain strong across many markets, resulting in a significant increase in sales for the second quarter and increased order levels relative to the prior year period," said CEO and President Don Washkewicz. "We were able to deliver sales increases in every segment, as total organic sales increased 22 percent. Order rates also increased in all segments and we are particularly pleased to see demand levels recover in our aerospace segment."

In the Industrial North America segment, second-quarter sales increased 23.4 percent to $1 billion, and operating income was $159.4 million compared with $114.4 million in the same period a year ago.

In the Industrial International segment, second-quarter sales increased 23.1 percent to $1.1 billion, and operating income was $167.8 million compared with $82.6 million in the same period a year ago.

In the Aerospace segment, second-quarter sales increased 14.7 percent to $459.6 million, and operating income was $63.6 million compared with $41.0 million in the same period a year ago.

In the Climate and Industrial Controls segment, second-quarter sales increased 22.6 percent to $214.3 million, and operating income was $9.5 million compared with $6.1 million in the same period a year ago.

Parker reported an increase of 29 percent in total orders for the quarter ending December 31, 2010, compared with the same quarter a year ago. The company reported the following orders by operating segment:

  • Orders increased 26 percent in the Industrial North America segment, compared with the same quarter a year ago.
  • Orders increased 29 percent in the Industrial International segment, compared with the same quarter a year ago.
  • Orders increased 37 percent in the Aerospace segment on a rolling 12-month average basis.
  • Orders increased 26 percent in the Climate and Industrial Controls segment, compared with the same quarter a year ago.

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