Parker Hannifin posts record sales, income in third quarter

For the third quarter of fiscal-year 2006 ended March 31, sales were $2.5 billion, up 18.3 percent compared to sales of $2.11 billion from the same period last year. Income from continuing operations in the third quarter of fiscal 2006 was $1.46 per diluted share, compared to $1.16 in the prior year.

Cash flow from operations reached $610.0 million, or 9 percent of sales, a record for the first nine months, surpassing $498.4 million, or 8.5 percent of sales, in the same period last year.

"We had another strong quarter," said Don Washkewicz, Parker chairman and CEO. "The growth we demonstrated this quarter keeps us on track for another year of double-digit growth. Of our 18 percent growth in the quarter, 10 percent was organic, which reflects our commitment to premier customer service and our participation in global markets.

"We continue to do what we said we would do -- grow this company by greater than 10 percent each year. This is a track record of accomplishment that can give confidence to our key stakeholders, including customers, employees, investors and creditors."

Earnings from continuing operations for the first nine months of the year were $479.3 million on net sales of $6.77 billion, up from income of $443.3 million on sales of 5.9 billion in fiscal 2005.