Parker sales up slightly
Parker Hannifin reported fiscal 2014 first quarter sales were $3.23 billion compared with $3.21 billion in the prior year quarter.
The producer of motion control technologies said net income rose 2 percent to $244.3 million, or $1.61 per share, compared with $239.9 million, or $1.57, in the same period last year.
North American first quarter sales for the Diversified Industrial Segment decreased 2.6 percent to $1.39 billion, and operating income was $234.2 million compared with $244.1 million in the same period a year ago. International first quarter sales increased 1.8 percent to $1.27 billion, and operating income was $173.4 million compared with $156.6 million in the same period a year ago.
Aerospace Systems Segment first quarter sales increased 4.9 percent to $567.5 million, and operating income was $57.3 million compared with $61.9 million in the same period a year ago.
Parker reported an increase of 5 percent in orders for the quarter compared with the same quarter a year ago.
"We are increasing our fiscal 2014 guidance to reflect higher than anticipated earnings in the first quarter and a larger than expected gain related to the GE Aviation joint venture, which will be recorded in our second quarter," said Parker chairman, president and CEO Don Washkewicz in a news release. "We are also moving forward with our restructuring activities having announced plant consolidations and other organizational improvements. These actions are designed to strengthen our global competitiveness."
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
