The 2020 Mid-Year Economic Update_long

Parker Hannifin Sales Up 10% in 1Q 2009

Parker Hannifin, Cleveland, OH, reported fiscal 2009 first-quarter sales of $3.1 billion, an increase of 10% from the same period a year ago. Profit was up 9% to $250.2 million. Organic sales growth was 4%.
 
The Win Strategy initiatives we have been implementing over the past seven years have better prepared us to weather this uncertainty in our markets," said CEO and President Don Washkewicz. "For example, today, we have exposure to a greater number of end markets, many of them less cyclical than before. We also have much better geographic balance with greater than 50% of our industrial segment revenues and profits generated from international markets.
 
"Additionally, our cost structure is much more flexible than in the past and our ongoing focus on lean ...

Parker Hannifin, Cleveland, OH, reported fiscal 2009 first-quarter sales of $3.1 billion, an increase of 10% from the same period a year ago. Profit was up 9% to $250.2 million. Organic sales growth was 4%.
 
The Win Strategy initiatives we have been implementing over the past seven years have better prepared us to weather this uncertainty in our markets,” said CEO and President Don Washkewicz. “For example, today, we have exposure to a greater number of end markets, many of them less cyclical than before. We also have much better geographic balance with greater than 50% of our industrial segment revenues and profits generated from international markets.
 
“Additionally, our cost structure is much more flexible than in the past and our ongoing focus on lean enterprise is delivering continuing productivity improvements. While the economic outlook for the near future remains uncertain, Parker is better able to adapt to changing circumstances in our operations than in previous downturns.”
 
Segment Results
In the Industrial North America segment, first-quarter sales increased 10.1% to $1.1 billion, and operating income increased 3.4% to $160.5 million, compared with the same period a year ago.
 
In the Industrial International segment, first-quarter sales increased 11.1% to $1.2 billion, and operating income increased 10.6% to $203.0 million, as compared with the same period a year ago.
 
In the Aerospace segment, first-quarter sales increased 12% to $478.5 million, and operating income increased 18.7% to $68.1 million, as compared with the same period a year ago.
 
In the Climate &Industrial Controls segment, first-quarter sales increased 1.1% to $255.9 million, and operating income remained the same at $15.5 million, as compared with the same period a year ago.
 
Orders
In addition to financial results, Parker also reported an increase of 1% in total orders for the quarter ending Sept. 30, 2008, compared with the same quarter a year ago.
 
Orders increased 2% in the Industrial North America segment, compared with the same quarter a year ago.
 
Orders declined 4% in the Industrial International segment, compared with the same quarter a year ago.
 
Orders increased 9% in the Aerospace segment on a rolling 12 month average basis.
 
Orders increased 5% in the Climate and Industrial Controls segment, compared with the same quarter a year ago.

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