Parker Hannifin Announces Record Third-Quarter Sales
Parker Hannifin Corp. (Cleveland, OH) reported fiscal third-quarter income from continuing operations of $142.2 million, or $1.18 per diluted share, on sales of $2.14 billion for the period ended March 31, 2005, compared to income from continuing operations of $105.7 million, or $0.88 per diluted share, on sales of $1.88 billion in the same period last year.
In the current quarter, the company recorded a charge from discontinued operations of $2.8 million, or $0.03 per diluted share. As previously announced, in the quarter the company recorded $0.06 per diluted share related to realignment costs, divestiture activities and tax-related professional fees; and a tax benefit of $0.10 per diluted share.
For the first nine months of fiscal 2005, the company's income from continuing operations increased 81% to $386.6 million, or $3.21 per diluted share, on sales of $6.0 billion. Income from continuing operations for the first nine months of last year was $213.6 million, or $1.80 per diluted share, on sales of $5.03 billion. Income from discontinued operations for the first nine months of fiscal 2005 was $56.7 million, or $0.47 per diluted share.
"We are pleased to report record third-quarter sales up 14% and strong earnings per share from continuing operations up 34% year-over-year. We continue to generate strong cash flow from operations at $517 million for the first nine months of fiscal 2005, up 4% from the same period last year," said Parker Chairman and CEO Don Washkewicz.