CLEVELAND (Oct. 18) — Parker Hannifin Corp. today reported record first-quarter sales and all-time records for income from continuing operations and earnings per share.
For the first quarter of fiscal-year 2007, sales were $2.6 billion, up 20.7 percent from a year earlier, when the company posted sales of $2.1 billion.
Income from continuing operations was $210.6 million, an increase of 46.4 percent over the same period last year. Earnings per diluted share from continuing operations were $1.75, an all-time quarterly record, up from the $1.19 per share reported a year ago.
Don Washkewicz, the company´s chairman and CEO, noted strong sales in Europe and Asia coupled with solid growth in North America during the quarter. "We continue to grow the company at a double digit rate through our proven mix of globalization, organic growth and strategic acquisitions," he said.
"We generated organic growth of over 8 percent this quarter. Customer service, innovative products, system solutions and our global network of thousands of distribution partners continue to be the drivers of our successful revenue growth."
Parker also raised its annual earnings guidance for fiscal year 2007 to a range of $6.05 to $6.45 per diluted share.
The company´s rubber and elastomeric products include insulators, seals, gaskets, O-rings, spacers and washers, bushings, conductive extrusions, custom molded rubber shapes, hose products, and molded assemblies.