CLEVELAND (Oct. 19)—Parker Hannifin Corp. posted record quarterly net income and first-quarter sales for the period ending Sept. 30, the company announced Oct. 19.
The firm reported net income of $132.8 million for the quarter on sales of $1.95 billion, up from net earnings of $56.7 million on sales of $1.59 billion in the like period last year.
Parker's North American Industrial net sales increased 24.6 percent from 2003 to $832.3 million, while the unit's operating income nearly tripled to $43 million. The segment's operating margin also rose to 14.4 percent from 6.4 percent last year.
The company's other operating units—International Industrial, Aerospace and Climate & Industrial Controls—also saw sales, earnings and operating margin improvements for the quarter, except for Climate & Industrial Controls, which had slight declines in income and operating margin.
Parker is encouraged by continued strength in the global economy and improvements in most of the business' segments, including International Industrial and the Aerospace aftermarket, said company CEO Don Washkewicz. The company's main concerns are inflationary pressures from oil and raw material shortages and prospects for higher interest rates, he said.