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Parker Hannifin Sales Decline 3.1% in Fiscal 2010

Sales in Parker Hannifin's fourth quarter were up 26% from the prior-year period.
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Parker Hannifin Corp. (NYSE: PH), Cleveland, OH, manufacturer of motion and control technologies, reported sales for the fiscal 2010 fourth quarter were $2.8 billion, an increase of 26 percent from the same quarter a year ago. Profit for the quarter was $222.2 million, up from $49.5 million in the fourth quarter of fiscal 2009.

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Full-year sales were $10 billion, down 3.1 percent from 2009. Profit was up 9 percent to $554.1 million.

"Order levels continued to increase this quarter and showed broad-based improvements across segments and regions both sequentially and year over year," said CEO and President Don Washkewicz. "These contributed to the 27 percent increase in organic sales for the quarter, while foreign currency translation negatively impacted sales by 1 percent. Our total segment operating margin performance was particularly strong at 13.9 percent. Additionally, our Industrial North America segment margins reached 15.7 percent reflecting ongoing success in executing our Win Strategy."

In the Industrial North America segment, fourth-quarter sales increased 33.1 percent to $1 billion, and operating income was $162.9 million, compared with $53.7 million in the same period a year ago. For the full year, Industrial North America sales declined 3 percent to $3.6 billion, and operating income increased 23.3 percent to $487.1 million, compared with fiscal 2009.

In the Industrial International segment, fourth-quarter sales increased 30.4 percent to $1 billion, and operating income was $140.3 million, compared with a loss of $5.7 million in the same period a year ago. For the full year, Industrial International sales declined 2.2 percent to $3.8 billion, and operating income increased 12.4 percent to $394.1 million, compared with fiscal 2009.

In the Aerospace segment, fourth-quarter sales increased 5.9 percent to $477.6 million, and operating income increased 9.5 percent to $64.1 million, compared with the same period a year ago. For the full year, Aerospace sales declined 7.4 percent to $1.7 billion, and operating income declined 20.6 percent to $208.0 million, compared with fiscal 2009.

In the Climate & Industrial Controls segment, fourth-quarter sales increased 27.0 percent to $240.3 million, and segment operating income was $20.5 million compared with an operating profit of $0.9 million in the same period a year ago. For the full year, Climate & Industrial Controls sales increased 2.4 percent to $814 million, and the segment reported an operating profit of $53.5 million, compared with an operating loss of $3.7 million in fiscal 2009.

Orders
Parker reported an increase of 35 percent in total orders for the quarter ending June 30, 2010, compared with the same quarter a year ago. The company reported the following orders by operating segment:

  • Orders increased 46 percent in the Industrial North America segment, compared with the same quarter a year ago.
  • Orders increased 46 percent in the Industrial International segment, compared with the same quarter a year ago.
  • Orders declined 3 percent in the Aerospace segment on a rolling 12-month average basis.
  • Orders increased 35 percent in the Climate and Industrial Controls segment, compared with the same quarter a year ago.

 

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