CLEVELAND (April 27) — Parker Hannifin Corp. set new quarterly records for sales and earnings per diluted share from continuing operations in the third quarter of fiscal 2007 ended March 31.
Sales for the three-month period were $2.78 billion, up 11.3 percent from the same period last year. Earnings per diluted share from continuing operations in the quarter of fiscal year 2007 were $1.78, an increase of 21.9 percent over the 2006 period.
Parker's net earnings rose to $209.3 million from $177.5 million last year.
For the first nine months of fiscal 2007, sales increased 15.9 percent to $7.84 billion. Earnings per diluted share from continuing operations for the first nine months of fiscal year 2007 were $5.17, up 38.6 percent from the like period in 2006. Net sales year-to-date reached $612.9 million, up $27.9 percent from last year.
As a result of continued strong results, Parker increased and narrowed its guidance for fiscal year 2007 income from continuing operations to $6.80 to $7.00 per diluted share from $6.35 to $6.75 per diluted share.
Don Washkewicz, Parker chairman, president and CEO, praised the company's employees for the record quarter. "Their continued performance gives us confidence that fiscal year 2007 will end on a very positive note."
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.