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July 30, 2004 02:00 AM

Parker Hannifin shows big profits for year

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    CLEVELAND (July 30)—Parker Hannifin Corp. posted a 76-percent increase in net income to $345.8 million for its fiscal 2004, which ended June 30. Sales climbed 10.9 percent to a record $7.11 billion. The company said organic growth accounted for 5.6 percent of the revenue growth, with acquisitions and currency translations contributing the rest.

    "With the broad-based recovery of all our industrial markets, and aerospace at the beginning of a rebound, our growth engine is firing on all cylinders," said Parker CEO Don Washkewicz.

    For the fourth quarter, net income more than doubled to $125.5 million and sales gained nearly 20 percent to $1.99 billion.

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