CLEVELAND, Jan. 4 /PRNewswire/ -- Parker Hannifin Corporation
(NYSE: PH) today reported orders for the month of December in the company's
industrial and aerospace segments. Orders for the North American Industrial
segment decreased nine percent, compared with a robust 25-percent increase a
year ago.
(Photo: http://www.newscom.com/cgi-bin/prnh/19990816/PHLOGO )
Chairman and CEO Duane Collins noted that Parker, whose market diversity
is considered an economic bellwether, historically has experienced a downturn
domestically whenever the prime rate rises above nine percent. The company
expressed caution about this last summer. "We are very pleased with
yesterday's rate cut, because we can document a correlation with our order
rates. Like others, we not only applaud the Fed's action; we expect it to
begin to mitigate the recessionary effect."
Orders in the Rest-of-World Industrial segment increased 23 percent,
against a 20-percent increase in the year-over-year comparison. At Parker
Aerospace, orders were 13 percent higher, compared with a six-percent increase
last year.
Orders provide near-term perspective on the company's outlook, but are not
in themselves an indication of future performance. The comparisons are at
constant currency exchange rates with the prior year, re-stated to the current
year's fixed exchange rates. All exclude acquisitions until they can be
reflected in both the numerator and denominator. Industrial comparisons
reflect the current month versus same month in the prior year. Aerospace
comparisons are rolling 12-month average computations to mitigate volatility
within monthly figures.
Comparative data on current and historical orders is available on the
company's investor information web site, www.phstock.com . To access the
information, click on the "Monthly Orders" link. Parker's investor web site
also offers registration for investors to receive automatic e-mail
notification of all upcoming news, events and information from the company.
With annual sales of $6 billion, Parker Hannifin is the world's leading
diversified manufacturer of motion and control technologies and systems,
providing precision-engineered solutions for a wide variety of commercial,
mobile, industrial and aerospace markets. The company employs more than
45,000 people in 46 countries around the world. For more information, visit
the company's web site at www.parker.com , or its investor information site at
www.phstock.com .
Forward-Looking Statements:
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, events or developments
are forward-looking statements. It is possible that the company's future
performance may differ materially from current expectations expressed in these
forward-looking statements, due to a variety of factors such as changes in:
business relationships with and purchases by or from major customers or
suppliers; competitive market conditions and resulting effects on sales and
pricing; increases in raw-material costs which cannot be recovered in product
pricing; and global economic factors, including currency exchange rates and
difficulties entering new markets.
SOURCE Parker Hannifin Corporation
CONTACT: Media, Lorrie Paul Crum, VP - Corp. Communications,
216-896-2750, or after hours, 330-666-4196, or lcrum@parker.com, or Jennifer
Eaton, Corp. Communications, 216-896-2895, or after hours, 216-228-8721, or
Financial Analysts, Timothy K. Pistell, Treasurer, 216-896-2130, or
tpistell@parker.com, all of Parker Hannifin Corporation/
