Parker reports quarterly sales increase
Parker Hannifin Corporation reported fiscal 2010 second quarter sales were $2.4 billion, an increase of 5.3 percent compared with the first quarter and a decline of 12.4 percent from $2.7 billion in the second quarter a year ago.
Q2 net income was $104.6 million, an increase of 42.3 percent compared with the Q1 2010 and a decline of 32.7 percent compared with $155.4 million in the second quarter of fiscal 2009. Fiscal 2010 second quarter earnings per diluted share of 64 cents, increased 41.6 percent from the first quarter of fiscal 2010 and declined 33.1 percent compared with 96 cents in the second quarter a year ago.
"Although the effects of the global recession continue to linger, we are encouraged to see Parker's order trends improve sequentially for the second consecutive quarter," said chairman, CEO and president Don Washkewicz.
In the Industrial North America segment, second quarter sales declined 14.7 percent to $847.2 million, and operating income increased 6.3 percent to $114.4 million, compared with the same period a year ago.
In the Industrial International segment, second quarter sales declined 10.6 percent to $932.1 million, and operating income declined 28.2 percent to $82.6 million, compared with the same period a year ago.
In the Aerospace segment, second quarter sales declined 15.4 percent to $400.6 million, and operating income declined 41.1 percent to $41.0 million, compared with the same period a year ago.
In the Climate & Industrial Controls segment, second quarter sales declined 2.4 percent to $174.9 million, and operating income increased 147.9 percent to $6.1 million, compared with the same period a year ago.
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