Parker earnings up 15 percent
Parker Hannifin Corporation reported fiscal 2015 first quarter sales were $3.27 billion, a first quarter record, compared with $3.23 billion in the prior year quarter.
Net income was $280.2 million, a 15 percent increase compared with $244.3 million in the first quarter of fiscal 2014. Fiscal 2015 first quarter earnings per diluted share were $1.85, an increase of 15 percent compared with $1.61 in the prior year quarter.
"We are off to a very strong start in fiscal year 2015 reinforcing our positive view on the year," said chairman, CEO and president, Don Washkewicz. "As a result of the restructuring activities we engaged in last year, we are beginning to see stronger year-over-year segment operating margin performance, which reached 15.9 percent this quarter, or 16.1 percent adjusted. Margin performance was driven by improvements in our Diversified Industrial International and Aerospace businesses and continued strength in our Diversified Industrial North America business where we had an all-time record for quarterly operating margins. We continue to execute well."
Diversified Industrial Segment: North American first quarter sales increased 6 percent to $1.47 billion, and operating income was $264.2 million compared with $234.2 million in the same period a year ago. International first quarter sales decreased 1 percent to $1.26 billion, and operating income was $189.8 million compared with $173.4 million in the same period a year ago.
Aerospace Systems Segment: First quarter sales decreased 6 percent to $534.6 million, reflecting the impact of the joint venture between Parker Aerospace and GE Aviation recorded in the second quarter of fiscal 2014. Operating income was $65.3 million compared with $57.3 million in the same period a year ago.
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.
