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January 17, 2007 01:00 AM

Parker Hannifin has record second quarter

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    CLEVELAND (Jan. 17) — Parker Hannifin Corp. set new records for sales and income from continuing operations in the second quarter ended Dec. 31, the company reported Jan. 17.

    Second-quarter sales were $2.51 billion, up 16.4 percent from the $2.16 billion posted in the like period of fiscal 2006. Income from continuing operations for the quarter was nearly $193 million, or $1.64 per diluted share, an increase of 53.3 percent over the same period a year ago.

    "Our 16.4 percent sales growth in the quarter significantly exceeded our growth goal of 10 percent," said Don Washkewicz, Parker chairman, president and CEO. "The growth was profitable and balanced, with 6.4 percent derived organically, 6.4 percent via acquisitions and 3.6 percent from the favorable impact of foreign currency."

    For the first six months of fiscal-year 2007, sales were $5.06 billion, an 18.5-percent increase from a year earlier. Income from continuing operations for the six-month period was $403.6 million, or $3.39 per diluted share, up 49.3 percent from fiscal 2006.

    As a result of the continued strong results, the company increased its guidance for fiscal year 2007 income from continuing operations from $6.05 to $6.45 per diluted share to $6.35 to $6.75 per diluted share.

    "Led by exceptional performance in our Industrial International and Aerospace segments, we were able to deliver another record second quarter, and we remain solidly on track for another outstanding year in fiscal 2007," Washkewicz said.

    Parker´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.

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