Parker Hannifin Organic Sales Up 3% in 2Q

Second-quarter profit was up 40 percent year-over-year.

Parker Hannifin Corp. (NYSE: PH), Cleveland, OH, reported sales for the second quarter ended Dec. 31, 2013, of $3.1 billion, up 1.3 percent over the same period a year ago. Organic sales grew 3.1 percent. Profit grew 40 percent to $253.4 million.

"Earnings on an adjusted basis were ahead of what we expected for this quarter as we continue to perform well operationally," President and CEO Don Washkewicz said. "With continued positive order growth and modestly improved macro-economic trends, we remain optimistic about stronger operating performance in the second half of fiscal year 2014."

For the diversified industrial segment, North American second quarter sales increased 0.6 percent to $1.33 billion, and operating income was $200.6 million compared with $190.4 million in the same period a year ago. International second quarter sales increased 4.7 percent to $1.28 billion, and operating income was $134.2 million compared with $125.0 million in the same period a year ago.

For aerospace systems, second quarter sales decreased 4.7 percent to $503.8 million, reflecting the impact of the previously announced joint venture between Parker Aerospace and GE Aviation, and operating income was $45 million compared with $52.2 million in the same period a year ago.

For the first six months of the fiscal year, sales were $6.3 billion, up 1 percent over the prior-year period. Profit increased 18 percent to $497.7 million.

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