Parker Hannifin 2Q profit up 50 percent |
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Wed, 17 Jan 2007 14:31
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CLEVELAND (AFX) - Parker Hannifin Corp., which makes motion-control equipment for the transportation and food processing industries, said Wednesday its fiscal second-quarter profit rose 50 percent on strong growth in its international industrial and aerospace segments.Net income grew to $193 million, or $1.64 per share, from $129 million, or $1.07 per share, a year ago.Sales rose 16 percent to $2.51 billion from $2.16 billion last year.The results easily topped Wall Street expectations for profit of $1.40 per share on sales of $2.45 billion, according to a poll by Thomson Financial.'Led by exceptional performance in our industrial international and aerospace segments, we were able to deliver another record second quarter, and we remain solidly on track for another outstanding year in fiscal 2007,' said Chairman, CEO and President Don Washkewicz.The company said sales in its international segment grew by 36 percent, with operating income rising nearly 80 percent. Parker Hannifin's aerospace business saw 16 percent growth in revenue, and a 43 percent jump in operating profit.'This is especially good news as international industrial and aerospace now represent more than half of our total revenue,' said Washkewicz.Shares closed Tuesday at $78.37 on the NYSE.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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