Parker reports ‘first quarter record results’

Cleveland, Ohio – Parker Hannifin Corp. has seen its results lifted for the first quarter of fiscal 2022 (started 1 July) as all segments reported strong growth.

Overall sales rose 17% to $3.7 billion (€3.3 billion) during the three months to end of September, as net income jumped 41% to $451 million, said Parker 4 Nov, noting that both figures were record high for a first quarter.

Diversified Industrial segment, which includes several business units for the production of motion-control and fluid power system components, reported a 17% increase in North America sales to $1.79 billion. The North America operating income was up 24% at $333.7 million.

Diversified Industrial International posted a 55% increase in operating income to $291 million on 22% higher sales of $268.8 million.

The Aerospace Systems segment, which manufactures hydraulic, fuel, pneumatic and electro-mechanical systems and components, saw operating income rise 36% to $118 million, on 3% higher sales of $592.7 million.

Parker said during the first three months of its fiscal year, overall orders increased 26%, reflecting a 32% rise in orders for Diversified Industrial North America businesses and a 25% rise in orders for Diversified Industrial International businesses. 

Orders increased 16% in the Aerospace Systems segment on a rolling 12-month average basis.