CLEVELAND (Jan. 23)—Parker Hannifin Corp. reported net income of $55.8 million in the fiscal second quarter ended Dec. 31, a 49-percent increase over the like period in 2002.
Sales for the quarter also rose 6.8 percent to $1.62 billion, the company announced Jan. 20. The positive results came via a combination of improved volume and solid operating performance as Parker realized the benefits of its strategic financial performance initiatives, according to company President Don Washkewicz.
The North American Industrial business segment improved its operating margin during the quarter to 7.5 percent as sales increased 5 percent to $703.1 million. The company showed improved strength in the construction, heavy-duty truck and semiconductor markets.
For the first six months of the fiscal year, the company reported net income of $112.5 million, up 14.1 percent from a year earlier. Sales for the period climbed 3.4 percent to $3.21 billion.