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January 27, 2015 01:00 AM

Parker reports strong second quarter

Rubber & Plastics News Report
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    MAYFIELD HEIGHTS, Ohio—Parker Hannifin Corp. reported increased sales and net income for the second quarter of fiscal 2015.

    The firm's sales increased 1 percent to $3.13 billion, which it said was a second quarter record. Its net income increased 6 percent to $267.3 million, compared to $253.4 million in the second quarter of fiscal 2014.

    Parker experienced similar results for the six-month period, with sales increasing to $6.4 billion from $6.3 billion and net income increasing to $547.5 million from $497.7 million.

    “This was a record quarter for Parker as we continue to execute very well in fiscal 2015,” Don Washkewicz, Parker chairman, CEO and president, said in a statement. “While currency headwinds were significant, this was offset by solid organic growth of 4 percent. Our year-over-year segment operating margins improved by 150 basis points, primarily reflecting strength in our Diversified Industrial North America businesses and improvement in our Aerospace Systems segment.”

    Washkewicz is stepping down as CEO and president on Feb. 1, giving way to Thomas L. Williams as CEO and Lee C. Banks as the president. Washkewicz will continue to serve as the firm's chairman.

    Parker's Diversified Industrial Segment in North America increased its sales 5 percent to $1.4 billion, but it experienced a 7 percent decrease to $1.2 billion internationally.

    The firm's Aerospace Systems Segment experienced an 11 percent increase to $558.4 million in sales.

    Parker completed share repurchases of $817 million during the second quarter of fiscal 2015.

    The firm's annual sales exceeded $13 billion in fiscal 2014 and manufactures motion and control technologies and systems for a variety of mobile, industrial and aerospace markets. It employs about 7,500 in 50 countries.

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