Parker Hannifin’s Q2 sales up 12%

Parker Hannifin Corp., a global supplier of motion and control technologies including mobile hydraulics, electronic controls and filtration, reported record sales for the second quarter that ended Dec. 31. The company said sales were $3.82 billion, an increase of 12%, compared with $3.41 billion in the second quarter of fiscal 2021.

Net income was $387.6 million, compared with $448.4 million in the prior year quarter. Fiscal 2022 second quarter adjusted net income was $582.2 million, compared with $451.6 million in fiscal 2021.

“Our teams executed extremely well in the second quarter in an environment of strong demand against a backdrop of inflationary pressures and supply chain challenges together with disruptions brought on by the ongoing COVID-19 pandemic,” said Chairman and Chief Executive Officer, Tom Williams. “We delivered record second quarter sales, driven by strong organic growth across all of our businesses and regions.”

For the Diversified Industrial Segment, which includes Parkers’ mobile hydraulics and mobile controls business, North American second quarter sales increased 15% to $1.81 billion. International second quarter sales increased 11% to $1.40 billion.

Orders increased 17% in the Diversified Industrial North America businesses and rose 14% in the Diversified Industrial International businesses.

“For the remainder of this fiscal year, we expect positive demand trends to continue and are confident in our ability to navigate the Omicron variant and supply chain challenges ahead,” Williams said.