Parker Hannifin sales, earnings up for first quarter

CLEVELAND (Oct.15)—Parker Hannifin Corp. said its quarterly earnings increased slightly because of growth in its industrial business that was matched with declines in its aerospace segment. The firm reported first-quarter net income of $61 million on record sales of $1.59 billion, compared to 2001's first period figures of $60.6 million in earnings on $1.48 billion in sales. Parker predicted earnings for the second quarter would range from 33 to 43 cents per share before business realignment costs. The company projected full-year earnings between $2.20 and $2.50 a share, including past realignment costs.