Posted April 20, 2010
Parker sees big earnings increase
Parker Hannifin Corporation reported fiscal 2010 third quarter sales were $2.6 billion, an increase of 11.5 percent from the same period a year ago.
Fiscal 2010 third quarter net income was $153.9 million, an increase of 188.0 percent compared with $53.4 million in the third quarter of fiscal 2009. Fiscal 2010 third quarter earnings per diluted share were 94 cents, an increase of 183.4 percent compared with 33 cents in the third quarter a year ago.
Year-over-year organic sales in the quarter increased 7.9 percent and currency translation positively impacted sales by 3.6 percent.
"Order levels are improving across most of our markets and regions, which give us confidence that the global economic recovery is sustainable," said chairman, CEO and president Don Washkewicz. "Current demand levels will support continued positive financial performance for the remainder of the fiscal year."
In the Industrial North America segment, third quarter sales increased 11.9 percent to $958.6 million, and operating income increased 82.8 percent to $133.6 million, compared with the same period a year ago.
