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Parker Reports Record Sales, Net Income and Earnings per Share for the Fiscal 2012 Third Quarter

CLEVELAND April 24, 2012 March 31, 2012 $3.4 billion $3.2 billion $312.7 million $281.6 million $2.01 $1.68 $1,006.5 million $799.9 million

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North America Don Washkewicz

Segment Results

$1.3 billion $227.0 million $189.5 million

$1.3 billion $195.1 million $199.8 million

$542.8 million $65.9 million $69.0 million

$248.7 million $23.2 million $22.6 million

Orders

March 31, 2012

  • Orders increased 7 percent in the Industrial North America segment, compared with the same quarter a year ago.
  • Orders declined 1 percent in the Industrial International segment, compared with the same quarter a year ago.
  • Orders increased 4 percent in the Aerospace segment on a rolling 12-month average basis.
  • Orders declined 6 percent in the Climate and Industrial Controls segment, compared with the same quarter a year ago.

Outlook

$7.30 to $7.50

Washkewicz added, "Reflecting our strong outperformance relative to guidance, Parker is increasing our earnings outlook for the year. The Company remains on pace to deliver an all-time record year in fiscal 2012."

NOTICE OF CONFERENCE CALL Parker Hannifin 10:00 a.m. ET www.phstock.com www.phstock.com

$12 billion Parker Hannifin www.parker.com www.phstock.com

Notes on Orders

Orders provide near-term perspective on the company’s outlook, particularly when viewed in the context of prior and future quarterly order rates. However, orders are not in themselves an indication of future performance. All comparisons are at constant currency exchange rates, with the prior year restated to the current-year rates. All exclude acquisitions until they can be reflected in both the numerator and denominator. Aerospace comparisons are rolling 12-month average computations. The total Parker orders number is derived from a weighted average of the year-over-year quarterly percent change in orders for the Industrial North America, Industrial International, and Climate and Industrial Controls segments, and the year-over-year 12-month rolling average of orders for the Aerospace segment.

Forward-Looking Statements

Forward-looking statements contained in this and other written and oral reports are made based on known events and circumstances at the time of release, and as such, are subject in the future to unforeseen uncertainties and risks. All statements regarding future performance, earnings projections, events or developments are forward-looking statements. It is possible that the future performance and earnings projections of the company, including its individual segments, may differ materially from current expectations, depending on economic conditions within its mobile, industrial and aerospace markets, and the company’s ability to maintain and achieve anticipated benefits associated with announced realignment activities, strategic initiatives to improve operating margins, actions taken to combat the effects of the current economic environment, and growth, innovation and global diversification initiatives. A change in the economic conditions in individual markets may have a particularly volatile effect on segment performance. Among other factors which may affect future performance are: changes in business relationships with and purchases by or from major customers, suppliers or distributors, including delays or cancellations in shipments, disputes regarding contract terms or significant changes in financial condition, changes in contract cost and revenue estimates for new development programs and changes in product mix; ability to identify acceptable strategic acquisition targets; uncertainties surrounding timing, successful completion or integration of acquisitions; ability to realize anticipated cost savings from business realignment activities; threats associated with and efforts to combat terrorism; uncertainties surrounding the ultimate resolution of outstanding legal proceedings, including the outcome of any appeals; competitive market conditions and resulting effects on sales and pricing; increases in raw material costs that cannot be recovered in product pricing; the company’s ability to manage costs related to insurance and employee retirement and health care benefits; and global economic factors, including manufacturing activity, air travel trends, currency exchange rates, difficulties entering new markets and general economic conditions such as inflation, deflation, interest rates and credit availability. The company makes these statements as of the date of this disclosure, and undertakes no obligation to update them unless otherwise required by law.

  

PARKER HANNIFIN CORPORATION – MARCH 31, 2012

CONSOLIDATED STATEMENT OF INCOME

(Unaudited)

 

Nine Months Ended March 31,

(Dollars in thousands except per share amounts)

2012

2011

2012

2011

Net sales

$  3,393,563

$   3,240,103

$   9,734,276

$  8,936,040

Cost of sales

2,590,315

2,463,083

7,386,079

6,796,685

Gross profit

803,248

777,020

2,348,197

2,139,355

Selling, general and administrative expenses

377,479

375,069

1,132,635

1,054,332

Interest expense

22,313

24,619

69,303

74,883

Other expense (income), net

2,629

(12,385)

(5,100)

(22,191)

Income before income taxes

400,827

389,717

1,151,359

1,032,331

Income taxes

88,138

108,069

298,169

269,835

Net income

312,689

281,648

853,190

762,496

 

615

2,059

3,332

5,556

Net income attributable to common shareholders

$     312,074

$     279,589

$      849,858

$    756,940

Earnings per share attributable to common shareholders:

    

$           2.07

$           1.72

$            5.61

$          4.68

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