Parker Hannifin posts sales, earnings boosts in third quarter

CLEVELAND (April 20)--Parker Hannifin Corp. reported fiscal third-quarter income from continuing operations of $142.2 million on sales of $2.14 billion for the period ended March 31, compared to income from continuing operations of $105.7 million 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 three cents per diluted share. The charge reflects the ongoing accounting for the sale of the company's Wynn Oil specialty chemicals business in December.

In the North American Industrial segment, operating income improved 36 percent to $120.1 million on sales of $925 million. The segment benefited from strong demand in the oil and gas, mining, construction and heavy-duty truck markets. The Aerospace unit reported an increase in operating income of six percent to $44 million on sales of $337.3 million, reflecting increased commercial OEM business.

For the first nine months of fiscal 2005, the company's income from continuing operations increased 81 percent to $386.6 million on sales of $6 billion. Income from continuing operations for the first nine months of last year was $213.6 million on sales of $5.03 billion.

Parker raised fiscal 2005 full-year earnings estimates to be between $4.72 and $4.92 per diluted share, which includes 47 cents per diluted share from discontinued operations.

"We are on target to achieve record sales and earnings in fiscal 2005," said Don Washkewicz, Parker chairman and CEO. "While we have a few markets experiencing some softness, we are very encouraged by the continued strength in our industrial and aerospace markets."

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