Parker Hannifin´s earnings, sales improve

CLEVELAND (Jan. 17)—Parker Hannifin Corp. recorded net income of $78.3 million, a 4.5-percent boost from the $75 million reported last year, in the second quarter ended Dec. 31. Sales for the quarter came in at $1.46 billion, up 17.7 percent from $1.24 billion in the like 2000 period. The company said sales and earnings for the quarter were running ahead of expectations until mid-December, when customers delayed about $30 million in shipments, which impacted overall results. However, acquisitionsÏincluding the purchase of Wynn´s International Inc.Ïmade last year contributed to earnings, Chairman and CEO Duane Collins said. With the slowing North American industrial order trend in the last few months, he said, "we remained lean on inventories." In December, the firm initiated spending cuts and "selected work force adjustments for the remainder of the fiscal year," he said. The company predicted moderate growth for the rest of the fiscal year.