Posted January 20, 2011
Parker reports record sales
Parker Hannifin reported fiscal 2011 second quarter sales were $2.9 billion, an increase of 21.7 percent from $2.4 billion in the same quarter a year ago.
Net income increased 120.9 percent to $231.8 million compared to $105.0 million in the second quarter of fiscal 2010. Earnings per diluted share for the quarter were $1.39 compared with 64 cents in last year's second quarter.
"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 chairman, 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, sales increased 23.4 percent to $1.0 billion; Industrial International segment sales increased 23.1 percent to $1.1 billion; Aerospace segment sales increased 14.7 percent to $459.6 million; and Climate and Industrial Controls segment sales increased 22.6 percent to $214.3 million.
