Parker Hannifin’s 3Q sales rise 14 percent

Industrial Distribution staff -- Industrial Distribution, 4/22/2008 8:50:00 AM

Parker Hannifin Corp. posted $3.18 billion in third-quarter sales, up 14.4 percent compared with $2.78 billion during the same period last year.

Net income for the Cleveland-based motion control products manufacturer rose 22 percent to $255.4 million, compared with $209.3 million during the third quarter of fiscal 2007.

"We are clearly headed to another record year for Parker, which will be the fifth record year in a row. The company continues to perform very well, showing strength during an economic cycle that has resulted in a challenging economic environment, particularly in North America," chairman, CEO and president Don Washkewicz said. “Of the 14.4 percent sales growth this quarter, 4.3 percent was organic, 4 percent was the result of strategic acquisitions and the remainder was from the movement of foreign currency exchange rates."

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