By a News Reporter-Staff News Editor at Defense & Aerospace Week -- Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, reported results for the fiscal 2014 fourth quarter and full year ended June 30, 2014. Fiscal 2014 sales were a record at $13.2 billion, compared with $13.0 billion in fiscal 2013. Net income for fiscal 2014 was $1,041 million, or $6.87 per diluted share, compared with net income of $949 million, or $6.26 per diluted share in fiscal 2013. Adjusted earnings per diluted share for fiscal 2014 were $6.94. A reconciliation of reported to adjusted sales, net income and earnings per diluted share is included with the financial tables accompanying this news release. Cash flow from operations for fiscal 2014 was $1.4 billion or 10.5 percent of sales compared with $1.2 billion or 9.1 percent of sales in the prior year. Excluding a discretionary contribution to the company's pension plan of $75 million in fiscal 2014, cash flow from operations was 11.1 percent of sales.
"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. Fiscal 2014 fourth quarter earnings per diluted share were $2.06 adjusted for the impact of $0.08 in earnings per diluted share in restructuring expenses.
Fourth Quarter Segment Results
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.
Keywords for this news article include: Finance, Aerospace, Parker Hannifin Corporation.
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