CLEVELAND, June 5 /PRNewswire-FirstCall/ -- Parker Hannifin Corporation , the global leader in motion and control technologies, today reported that total orders for the month of May remained unchanged compared to orders in the same month a year ago. Orders are calculated as a percentage increase over the prior year using a daily average. The company derives orders from a wide variety of global end markets which the company serves directly and through a network of thousands of distributor locations.
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In addition, Parker reported the following orders by operating segment:
* Orders decreased 10 percent in the Industrial North America segment
versus May a year ago.
* Orders increased 13 percent in the Industrial International segment
versus May a year ago.
* Orders increased 11 percent in the Aerospace segment on a rolling 12
month average basis.
* Orders decreased 15 percent in the Climate and Industrial Controls
segment versus May a year ago.
May 2007 contained one additional work day in North America versus May 2006, negatively impacting the daily average comparison.
Orders provide near-term perspective on the company's outlook, particularly when viewed in the context of prior and future monthly 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 monthly percent change in orders for the Industrial North America, Industrial International, and Climate and Industrial Controls segments, and the year- over-year 12-month rolling average of orders in the Aerospace segment. Comparisons are made using a daily average based on the number of workdays in the respective periods. A varying number of workdays year over year could influence the daily averages and could produce a different result than if the comparison was based on total order dollars for the periods.
Comparative data on current and historical orders is available on the company's investor information web site, http://www.phstock.com/. To access the information, first click on "Newsroom" and then 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 exceeding $9 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 57,000 people in 43 countries around the world. Parker has increased its annual dividends paid to shareholders for 50 consecutive years, among the top five longest-running dividend-increase records in the S&P 500 index. For more information, visit the company's web site at http://www.parker.com/, or its investor information site at http://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, earnings projections, events or developments are forward-looking statements. It is possible that the future performance and earnings projections of the company and individual segments may differ materially from current expectations, depending on economic conditions within both its industrial and aerospace markets, and the company's ability to achieve and maintain anticipated benefits associated with announced realignment activities, strategic initiatives to improve operating margins, and growth and innovation initiatives. A change in economic conditions in individual markets may have a particularly volatile effect on segment results. Among the other factors which may affect future performance are: changes in business relationships with and purchases by or from major customers or suppliers, including delays or cancellations in shipments; uncertainties surrounding timing, successful completion or integration of acquisitions; threats associated with and efforts to combat terrorism; competitive market conditions and resulting effects on sales and pricing; increases in raw-material costs that cannot be recovered in product pricing; the company's ability to manage costs related to employee retirement and health care benefits and insurance; and global economic factors, including manufacturing activity, air travel trends, currency exchange rates, difficulties entering new markets and general economic conditions such as inflation and interest rates. The company makes these statements as of the date of this disclosure, and undertakes no obligation to update them.
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