Parker Hannifin income rises 49 percent in second quarter

Rubber & Plastics News

Cleveland, Ohio-Parker Hannifin Corp. reported net income of $55.8 million in the fiscal second quarter ended 31 Dec, a 49-percent increase over the same period in 2002.

Sales for the quarter also rose 6.8 percent to around $1620 million, the company announced 20 Jan.

The positive results came via a combination of improved volume and solid operating performance as Parker realized the benefits of its strategic financial performance initiatives, according to company President Don Washkewicz.

The North American Industrial business segment improved its operating margin during the quarter to 7.5 percent as sales increased 5 percent to $703.1 million. The company showed improved strength in the construction, heavy-duty truck and semiconductor markets.

For the first six months of the fiscal year, the company reported net income of $112.5 million, up 14.1 percent from a year earlier. Sales for the period climbed 3.4 percent to $3210 million.