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Parker Hannifin Nets $171.1 Million for Second Quarter
CLEVELAND -- Second-quarter net income at Parker Hannifin Corp. was $171.1 million, or $1.41 cents per diluted share, on sales of $1.94 billion, officials announced yesterday. Comparatively, net income was $55.8 million, or 47 cents per diluted share, on sales of $1.59 billion for the second quarter of the last fiscal year.Current-quarter results include 47 cents per diluted share related to the operations and sale of the company's Wynn Oil specialty chemicals business, which was divested on Dec. 31, 2004, and is now reflected on the company's financial statements as discontinued operations.The company again reported strong cash from operations in the first half of fiscal 2005 of $352.2 million, or 9.1% of sales, compared with $371.2 million, or 11.8% of sales in the prior year."We are very pleased with our second quarter results, particularly with our 22% sales growth, doubling net income from continuing operations, and strong cash flow," said Don Washkewicz, chairman and chief executive officer. "We're still in the early stages of a broad-based, worldwide industrial recovery, and we're continuing to see positive results in nearly all of the end markets we serve, notably the recent uptick in Aerospace."In the North American Industrial segment, operating income improved 105% to $99.9 million on sales of $819.2 million. International Industrial units increased operating income 108% to $61.6 million on sales of $583.2 million. In the company's Climate & Industrial Controls segment, second-quarter sales increased 22% to $176.5 million and operating income decreased 15% to $8.9 million. The decline in operating income is primarily the result of a slowdown in production schedules in the automotive market, officials said.Aerospace reported an increase in operating income of 42% to $49.5 million on sales of $327 million. In the "Other" segment, comprised of Astron metal buildings, operating income was $4.7 million on sales of $37 million.The company estimates earnings per share for the third quarter of fiscal year 2005 to be between $1.10 and $1.30 per diluted share, Washkewicz said. Fiscal 2005 full year earnings are estimated to be between $4.75 and $5.15 per diluted share, which includes 49 cents per diluted share from discontinued operations.Visit Parker Hannifin Corp.: www.parker.com"