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Parker Hannifin reports higher net income for first quarter

Beacon Journal staff report

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Power systems maker Parker Hannifin Corp. on Friday reported net income of $244.3 million for its first quarter of fiscal 2014, up from $239.9 million a year earlier.

The Cleveland company, which has operations in the greater Akron area, reported it earned $1.61 per share, up from $1.57 per share a year ago. Quarterly earnings were hurt by 6 cents a share in expenses related to previously announced restructuring moves.

Sales totaled $3.23 billion, up slightly from $3.21 billion a year ago.

Parker Hannifin increased its earnings outlook for the year, reflecting in part a larger-than-expected gain related to a joint venture with General Electric Aviation. Parker Hannifin said it expects to earn $7.78 to $8.38 per share from continuing operations for its full fiscal year that ends June 30.

“I am pleased that we delivered strong first-quarter segment operating profit, earnings and cash flow performance in a mixed economic environment,” Don Washkewicz, chairman, chief executive officer and president, said in a statement. “Our order growth this quarter and near-term improvements in several key macroeconomic indicators support our revised guidance.”

Washkewicz said first-quarter earnings were “higher than anticipated.”

Parker Hannifin’s Pneumatic North America division headquarters is in Wadsworth and it has factories there and in Akron; its Parflex division headquarters and factory is in Ravenna; and its Fluid System Connectors division is in Kent. The company has about 600 employees in the greater Akron area.

The company said its fiscal 2014 outlook includes expenses of $100 million, or 47 cents a share, related also to restructuring moves.

Parker Hannifin said first-quarter sales in its Diversified Industrial department fell by 2.6 percent. Operating income was $234 million, down from $244 million.

International first-quarter sales were up 1.8 percent and operating income was $173 million, up from $157 million.

In its Aerospace Systems unit, sales were up 4.9 percent to $567 million and operating income was $57 million, down from $62 million in the same period a year earlier.

Parker Hannifin shares closed up 5.2 percent Friday to $112.41. Shares are up 34 percent in 2013 and up 35 percent, including reinvested dividends, from a year ago.


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