CLEVELAND (Aug. 4, 2008) — Parker Hannifin Corp. posted record results in annual sales and earnings for the fiscal year ended June 30, the company announced.
The firm surpassed $12 billion in yearly sales for the first time in its 90-year history, reaching $12.1 billion while increasing sales 13.3 percent over fiscal 2007. Net income for the year climbed 14.4 percent to $949.5 million, Parker said.
For the fourth quarter, sales increased 16.4 percent to $3.3 billion, while net income rose 16.3 percent to $252.6 million. Parker also generated record annual cash flow from operating activities of more than $1.3 billion, or 10.8 percent of sales, giving the company the flexibility to invest for growth while simultaneously maintaining a strong balance sheet, said Don Washkewicz, the firm's chairman, CEO and president.
Acquisitions continued to play a role in Parker's growth strategy, as the company strengthened its portfolio by adding 10 companies in fiscal 2008 with nearly $546 million in annualized revenues, he said.
For fiscal 2009, Parker issued guidance for earnings from continuing operations in the range of $5.65 to $6.05 per diluted share.