Parker Hannfin posts record sales
Parker Hannifin said its fiscal 2014 sales were a record at $13.2 billion, compared with $13.0 billion in fiscal 2013.
Net income for fiscal 2014 was $1.04 billion, or $6.87 per diluted share, compared with net income of $949 million, or $6.26 per diluted share in fiscal 2013.
"Fiscal 2014 was a transitional year as we worked through the most significant restructuring in our history." said chairman, CEO and president, Don Washkewicz. "I am proud that our global team was able to stay focused and still deliver record sales and strong earnings and cash flow for the year, which included record fourth quarter operating cash flow. Overall, we are well positioned entering the new fiscal year."
Fiscal 2014 fourth quarter sales increased 3 percent to a record $3.53 billion, compared with $3.43 billion in the same period a year ago. Fiscal 2014 fourth quarter net income was $301.2 million, or $1.98 earnings per diluted share, compared with $271.1 million, or $1.78 earnings per diluted share in the prior year quarter.
Diversified Industrial Segment: North American fourth quarter sales increased 4.0 percent to $1.53 billion, and operating income was $268.7 million compared with $249.7 million in the same period a year ago. International fourth quarter sales increased 3.1 percent to $1.38 billion, and operating income was $137.9 million compared with $162.6 million in the same period a year ago.
Aerospace Systems Segment: Fourth quarter sales were essentially flat at $617.6 million, reflecting the impact of the previously announced joint venture between Parker Aerospace and GE Aviation. Operating income was $104.9 million compared with $86.1 million in the same period a year ago.
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