Parker posts record results

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Parker posts record results
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Wednesday, August 3, 2011
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Cleveland, OH - Parker Hannifin reported all-time record results for the fiscal 2011 fourth quarter and year ended June 30, 2011. Fiscal 2011 sales were $12.3 billion, an increase of 23.5% from $10 billion in the prior year and surpassing the previous record achieved in fiscal 2008. Net income for the year was a record $1.1 billion, an increase of 90% compared with $556.4 million in fiscal 2010. Fiscal 2011 earnings per diluted share were a record at $6.37 compared with $3.40 in the previous year. Cash flow from operations for fiscal 2011 was $1.2 billion, or 9.5% of sales, compared with cash flow from operations of $1.2 billion, or 12.2% of sales in the prior year period. Cash flow from operations included discretionary contributions to the company’s pension plan of $400 million in fiscal 2011 and $100 million in fiscal 2010. Excluding these discretionary contributions, cash flow as a percent of sales in fiscal 2011 and fiscal 2010, was 12.7% and 13.2%, respectively.