Parker Hannifin Reports Second Quarter EPS of $1.39

Parker Hannifin Corporation PH today reported record results for the fiscal 2011 second quarter ending December 31, 2010. Fiscal 2011 second quarter sales were $2.9 billion, an increase of 21.7 percent from $2.4 billion in the same quarter a year ago. Net income was $231.8 million an increase of 120.9 percent from $105.0 million in the second quarter of fiscal 2010. Earnings per diluted share for the quarter were $1.39 compared with $0.64 in last year's second quarter. Cash flow from operations for the first six months of fiscal 2011 was $408.2 million, or 7.2 percent of sales, compared with cash flow from operations of $606.3 million, or 13.2 percent of sales in the prior year period. Cash flow from operations in the first six months of fiscal 2011 included a $200 million discretionary contribution to the company's pension plan. Excluding this discretionary contribution, cash flow from operations as a percent of sales was 10.7 percent for the first six months of fiscal 2011.