Parker Hannifin's fourth-quarter sales flat, earnings up

CLEVELAND (July 30)—Parker Hannifin Corp. reported net income of $49.1 million for its fiscal fourth quarter ended June 30 on sales of $1.66 billion. That compares to a loss of $11.9 million on sales of nearly $1.66 billion during the same period of 2002. For the year, Parker's net income increased 51 percent to $196.3 million on record sales that rose 4.3 percent to $6.4 billion, thanks to acquisitions, divestitures made in fiscal 2002 and favorable currency effects. Parker said it expects sales to grow marginally in fiscal 2004, with further improvement in operating margins expected for each segment except aerospace.