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Parker-Hannifin Corporation Message Board

  • bluecheese4u bluecheese4u Jan 18, 2013 8:46 AM Flag

    Parker Reports Fiscal 2013 Second Quarter Sales, Net Income and Earnings per Share

    Parker Reports Fiscal 2013 Second Quarter Sales, Net Income and Earnings per Share

    - Diluted earnings per share reach $1.19

    - Company maintains fiscal 2013 earnings outlook

    CLEVELAND, Jan. 18, 2013 /PRNewswire/ -- Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today reported results for the fiscal 2013 second quarter ended December 31, 2012. Fiscal 2013 second quarter sales of $3.07 billion were essentially flat compared with $3.11 billion in the prior year quarter. Acquisitions contributed 4 percent to sales which was largely offset by a reduction in organic sales, particularly internationally. Net income was $181.1 million compared with $242.3 million in the second quarter of fiscal 2012, primarily reflecting reduced organic sales volume. Fiscal 2013 second quarter earnings per diluted share were $1.19 compared with $1.56 in the prior year quarter.

    Cash flow from operations for the first six months of fiscal 2013 was $347.3 million, or 5.5 percent of sales, compared with $563.4 million, or 8.9 percent of sales for the first six months of fiscal 2012. Cash flow from operations for the first six months of fiscal 2013 included a $225.6 million discretionary contribution to the company's pension plan. Excluding this discretionary contribution, cash flow from operations as a percent of sales was 9.1 percent for the first six months of fiscal 2013.

    "We performed well in the second quarter considering continued economic weakness across all the regions we operate in," said Chairman, CEO and President, Don Washkewicz. "Although economic conditions may improve, we continued to take prudent actions to strengthen profitability and cash flow as we enter the second half of the year, including cost reduction initiatives and adjustments to planned capital expenditures."

    Segment Results

    In Industrial North America, second quarter sales increased 1.2 percent to $1.2 billion, and operating income was $183.9 million compared with $195.7 million in the same period a year ago.

    In Industrial International, second quarter sales decreased 4.1 percent to $1.17 billion, and operating income was $123.4 million compared with $165.9 million in the same period a year ago.

    In Aerospace, second quarter sales increased 6.5 percent to $528.7 million, and operating income was $52.2 million compared with $70.3 million in the same period a year ago.

    In Climate and Industrial Controls, second quarter sales decreased 18.3 percent to $170.2 million, reflecting the impact of a business divestiture, and operating income was $8.1 million compared with $9.8 million in the same period a year ago.

    Orders

    Parker reported a decrease of 2 percent in orders for the quarter ending December 31, 2012, compared with the same quarter a year ago. The company reported the following orders:
    •Orders declined 6 percent in Industrial North America compared with the same quarter a year ago.
    •Orders declined 5 percent in Industrial International compared with the same quarter a year ago.
    •Orders increased 14 percent in Aerospace on a rolling 12-month average basis.
    •Orders increased 1 percent in Climate and Industrial Controls compared with the same quarter a year ago.

    Outlook

    For the fiscal year ending June 30, 2013, the company has maintained guidance for earnings from continuing operations in the range of $6.15 to $6.75 per diluted share. Fiscal 2013 guidance includes an expected year-over-year increase in domestic qualified pension expense of approximately $0.35 per diluted share due to accounting regulations which require the use of a lower discount rate based on current market conditions.

    Washkewicz added, "Following the natural, annual cycle of our business, we anticipate that the second half of our fiscal year will be stronger than the first half. In addition, ongoing actions to reduce costs and maintain cash flow should position us for a strong finish to fiscal year 2013."

    NOTICE OF CONFERENCE CALL: Parker Hannifin's conference call and slide presentation to discuss its fiscal 2013 second quarter results are available to all interested parties via live webcast today at 10:00 a.m. ET

    phxDOTcorporate-irDOTnet/phoenixDOTzhtml?c=97464&p=irol-newsArticle&ID=1776011&highlight=

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PH
131.84+1.41(+1.08%)Nov 21 4:02 PMEST

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