Parker Hannifin reports record sales in Q1 results

ERJ staff report (RD)

Cleveland, Ohio - Parker Hannifin, major motion and control technology manufacturer, has reported growth for the for the quarter ending 30 September, 2008, the company said in a 16 Oct statement.

Sales were $3.1 billion (Euro 2200 million), an increase of 10.0 percent from $2.8 billion in the same quarter a year ago. Net income increased 9.0 percent to $250.2 million from $229.6 million in the first quarter of fiscal 2008. Earnings per diluted share increased 13.1 percent to $1.50 compared with $1.33 in last year's first quarter. Cash flow from operations was $307.3 million, or 10.0 percent of sales.

"Current quarter results reflect our ability to deliver record performance in the face of a rapidly changing economic climate," said Don Washkewicz, chairman, ceo and president. "We are particularly pleased that we delivered a four percent organic growth rate this quarter."

“The Win Strategy initiatives we have been implementing over the past seven years have better prepared us to weather this uncertainty in our markets,” Washkewicz added. “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 percent of our industrial segment revenues and profits generated from international markets.”

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Press release from Parker Hannifin