CLEVELAND (April 24, 2008) — Parker Hannifin Corp. posted record net income, earnings per diluted share and cash flow from operations in the third quarter ended March 31.
Net sales for the period were $3.2 billion, an increase of about 14.4 percent in the like quarter a year ago. Net income increased 22 percent to $255.4 million during the quarter, the Cleveland-based company said.
Fiscal year-to-date, Parker reported sales of $8.8 billion, up 12.2 percent from the prior year. Net earnings for the nine-month period were $696.9 million, an increase of 13.7 percent over the like period in 2007.
The company is “clearly headed” to another record year, which would be the fifth record year in a row, said Don Washkewicz, Parker chairman, CEO and president. The firm continues to perform very well, showing strength during an economic cycle that has resulted in a challenging economic environment, particularly in North America, he said.
Parker posted net sales of $10.7 billion in fiscal 2007.
The company increased its earnings guidance for fiscal year 2008 for earnings in the range of $5.40 to $5.60 per diluted share. Previous guidance for earnings was $5.15 to $5.40 per diluted share.
Orders are growing in Europe, Asia, Latin America and North America, Washkewicz said, and many key markets, including aerospace, are continuing to grow. For other markets, especially those in North America which have been in recession, Parker is positioned to benefit when they return to more normal growth levels, he said.
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.