CLEVELAND (April 19)—Parker Hannifin Corp. posted net earnings of $107.8 million, or 90 cents per diluted share, on sales of $1.91 billion during the fiscal third quarter ended March 31, up from income of $48.7 million, or 42 cents per share, on sales of $1.65 billion a year ago.
The results, announced April 19, include a one-time discrete tax benefit of 10 cents per diluted share. The earnings increase was driven by an upsurge in volume throughout its industrial segment, with lower fixed costs from realignment activities and execution of its "Win Strategy."
Year-to-date income was up nearly 50 percent to $220.3 million, or $1.85 per diluted share, and sales through March rose 7.6 percent over fiscal 2003 to $5.11 billion.
Parker also raised its sales and earnings forecast for fiscal 2004, which ends June 30. The Cleveland-based company expects sales growth from last year of about 10 percent and full-year earnings between $2.55 and $2.65 per diluted share.