CLEVELAND (Aug. 2) — Parker Hannifin Corp. reported record sales and earnings for the fourth consecutive year, posting net profits of $830 million on net sales of $10.7 billion in fiscal 2007.
Earnings per diluted share for the year increased to $7.01, up from $5.28 in fiscal 2006. The company also reported record cash flow from operating activities of $955 million, or 8.9 percent of sales, during the year ended June 30.
In the fourth quarter, Parker's sales increased 9.8 percent from a year earlier to $2.9 billion, while income rose 15.6 percent to $217.2 million. Fourth-quarter earnings per diluted share from continuing operations increased 18.7 percent to $1.84 from $1.55 a year ago.
Don Washkewicz, Parker chairman, CEO and president, said in surpassing the $10 billion sales milestone, the company has continued to demonstrate its propensity to grow. Parker's compound annual growth rate over the last 35 years is in excess of 11 percent, and in fiscal 2007 the company grew by more than 14 percent, he said.
For fiscal year 2008, the Cleveland-based company issued guidance for earnings from continuing operations in the range of $7.20 to $7.60 per diluted share.
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.