CLEVELAND (July 31)—Parker Hannifin Corp. said its fourth-quarter earnings weighed down its full-year results. The diversified manufacturer posted total net income of $49.4 million, including restructuring costs, on sales of $1.48 billion for the quarter ended June 30, which compares to net income of nearly $113 million on sales of $1.49 billion during the same quarter of fiscal 2000. For the year, Parker reported net income of $340.8 million on revenue of $5.98 billion, which compares to 2000's year-end net income of $368.2 million on sales of $5.39 billion. Parker's acquisitions last year, including that of Wynn's International Inc., contributed heavily to the increases in annual revenue, the company said. Beyond consolidation actions it has taken in response to the sluggish industrial and automotive economies, Parker said it is securing companywide procurement contracts and expanding throughout its operations the lean initiatives that originated in its aerospace segment.
Parker Hannifin reports lower annual results on fourth-quarter figures
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