ENP Newswire -
Release date- 07082014 -
Fiscal 2014 sales were a record at
Cash flow from operations for fiscal 2014 was
'Fiscal 2014 was a transitional year as we worked through the most significant restructuring in our history.' said Chairman, CEO and President,
Fiscal 2014 fourth quarter sales increased 3 percent to a record
Fourth Quarter Segment Results
Diversified Industrial Segment: North American fourth quarter sales increased 4.0 percent to
Aerospace Systems Segment: Fourth quarter sales were essentially flat at
Parker reported an increase of 4 percent in orders for the quarter ending
Orders increased 6 percent in the
Orders decreased 4 percent in the
Orders increased 17 percent in the Aerospace Systems segment on a rolling 12-month average basis.
Fiscal 2015 Outlook
For the fiscal year ending
Washkewicz added, 'In fiscal year 2015, we anticipate generally stable macroeconomic conditions. As always, we will stay the course by executing the Win Strategy, which has helped us deliver consistent results and are poised to deliver another year of record earnings performance for Parker.'
Note 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
Note on Non-GAAP Numbers
This press release contains references to (a) net income without the effect of a gain associated with a joint venture agreement, asset writedowns and restructuring expense, (b) earnings per diluted share without the effect of a gain associated with a joint venture, asset writedowns and restructuring expense (c) cash flow excluding discretionary contributions to the company's pension plan, and (d) the effect of restructuring expenses on forecasted earnings per diluted share.
The effects of divestitures, a gain associated with a joint venture, asset writedowns, restructuring expenses, and pension plan contributions are removed to allow investors and the company to meaningfully evaluate changes in sales, net income, earnings per diluted share, and cash flow on a comparable basis from period to period.
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 the 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, changes in contract cost and revenue estimates for new development programs and changes in product mix; ability to identify acceptable strategic acquisition targets; uncertainties surrounding timing, successful completion or integration of acquisitions and similar transactions; the ability to successfully divest businesses planned for divestiture and realize the anticipated benefits of such divestitures; the determination to undertake business realignment activities and the expected costs thereof and, if undertaken, the ability to complete such activities and realize the anticipated cost savings from such activities; the ability to realize anticipated benefits of the consolidation of the
The company makes these statements as of the date of this disclosure, and undertakes no obligation to update them unless otherwise required by law.
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