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Record Fiscal 2011 Second Quarter Sales, Net Income, and Earnings per Share Announced by Parker

CLEVELAND Jan. 20, 2011 December 31, 2010 $2.9 billion $2.4 billion $231.8 million $105.0 million $1.39 $0.64 $408.2 million $606.3 million $200 million

http://photos.prnewswire.com/prnh/19990816/PHLOGO

Don Washkewicz

"This was another quarter that demonstrated our ability to leverage our strong revenue performance into increased operating margins and earnings. Our total segment operating margin performance was 14.0 percent, led by Industrial North America segment margin of 15.2 percent and Industrial International segment margin of 14.6 percent."

Segment Results

$1.0 billion $159.4 million $114.4 million

$1.1 billion $167.8 million $82.6 million

$459.6 million $63.6 million $41.0 million

$214.3 million $9.5 million $6.1 million

Orders

December 31, 2010

  • Orders increased 26 percent in the Industrial North America segment, compared with the same quarter a year ago.
  • Orders increased 29 percent in the Industrial International segment, compared with the same quarter a year ago.
  • Orders increased 37 percent in the Aerospace segment on a rolling 12-month average basis.
  • Orders increased 26 percent in the Climate and Industrial Controls segment, compared with the same quarter a year ago.

Outlook

$5.80 to $6.20

Washkewicz added, "Our performance in the first half of this year has been very strong and puts us ahead of where we expected to be.  Therefore, we are increasing our full year guidance for earnings per share in fiscal 2011.  By executing the Win Strategy, our employees will continue to build from a position of great strength and we remain confident about our prospects for growth and profitability in the coming years."  

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

$10 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 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, and changes in contract cost and revenue estimates for new development programs; uncertainties surrounding timing, successful completion or integration of acquisitions; ability to realize anticipated costs 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 – DECEMBER 31, 2010

CONSOLIDATED STATEMENT OF INCOME

(Unaudited)

Three Months Ended December 31,

Six Months Ended December 31,

(Dollars in thousands except per share amounts)

2010

2009

2010

2009

Net sales

$        2,866,664

$     2,354,708

$   5,695,937

$   4,591,873

Cost of sales

2,195,728

1,869,481

4,333,602

3,670,426

Gross profit

670,936

485,227

1,362,335

921,447

Selling, general and administrative expenses

345,679

309,840

679,263

611,683

Interest expense

25,631

25,029

50,264

50,752

Other (income) expense, net

(6,624)

8,123

(9,806)

2,748

Income before income taxes

306,250

142,235

642,614

256,264

Income taxes

74,432

37,272

161,766

77,331

Net income

231,818

104,963

480,848

178,933

Less:  Noncontrolling interests

1,638

417

3,497

894

Net income attributable to common shareholders

$           230,180

$        104,546

$      477,351

$      178,039

Earnings per share attributable to common shareholders:

  Basic earnings per share

$                 1.42

$                .65

$            2.96

$            1.11

  Diluted earnings per share

$                 1.39

$                .64

$            2.90

$            1.10

Average shares outstanding during period – Basic

161,701,219

160,767,790

161,486,878

160,698,541

Average shares outstanding during period – Diluted

166,101,535

162,744,788

164,790,789

162,378,082

Cash dividends per common share

$                   .29

$                .25

$              .56

$              .50

BUSINESS SEGMENT INFORMATION BY INDUSTRY

(Unaudited)

Three Months Ended December 31,

Six Months Ended December 31,

(Dollars in thousands)

2010

2009

2010

2009

Net sales

   Industrial:

      North America

$        1,045,469

$        847,208

$   2,110,384

$   1,630,293

      International

1,147,231

932,057

2,240,212

1,782,307

   Aerospace

459,630

400,551

896,310

817,407

   Climate & Industrial Controls

214,334

174,892

449,031

361,866

Total

$        2,866,664

$     2,354,708

$   5,695,937

$   4,591,873

Segment operating income

   Industrial:

      North America

$           159,429

$        114,435

$      348,791

$      190,606

      International

167,776

82,636

351,576

144,459

   Aerospace

63,644

41,026

107,420

94,172

  Climate & Industrial Controls

9,501

6,144

31,053

16,641

Total segment operating income

400,350

244,241

838,840

445,878

Corporate general and administrative expenses

37,593

31,472

70,947

57,774

Income from operations before interest

 expense and other

362,757

212,769

767,893

388,104

Interest expense

25,631

25,029

50,264

50,752

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