Parker sees fiscal Q2 industrial orders turn positive
Parker Hannifin Corporation, a global manufacturer of motion and control technologies, reported fiscal second quarter net income was $949 million, an increase of 39%, or $853 million adjusted, an increase of 6%.
The company's sales were $4.7 billion; organic sales growth was 1%.
“Our performance this quarter reflects our focus on operational excellence and the strength of our balanced portfolio,” said Chairman and CEO Jenny Parmentier. “We delivered record segment operating margin across all businesses, record earnings per share and year-to-date cash flow from operations. Strong cash flow from operations coupled with proceeds from previously announced divestitures allowed us to substantially reduce debt by $1.1 billion this quarter.
"We are encouraged to see industrial orders turn positive mainly in our longer-cycle businesses," she continued. "Looking ahead, we have updated our outlook for fiscal year 2025 to reflect stronger aerospace growth, currency headwinds and a continued delay in the expected industrial recovery. Our strong cash generation creates capital deployment optionality, and we remain committed to our strategy of actively deploying capital to drive shareholder value.”
Additionally, Parker reported:
- Company order rates increased across all reported businesses
- North America orders turned positive on long-cycle strength
- International order growth continued, led by Asia
- Aerospace orders accelerated against a tough prior year comparison
INDUSTRIAL SUPPLY MAGAZINE
The November/December issue of Industrial Supply magazine features an in-depth cover story about Kimball Midwest. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and Mike Marks, as well as interviews with numerous product and distribution industry experts.
