Parker Hannifin Expects Better Year In Fiscal 1993
CLEVELAND -- Parker Hannifin Corp. expects "moderate improvement" in sales and earnings for the year ending next June 30, in spite of a continued recession in Europe, Paul G. Schloemer, president and chief executive officer, told the annual meeting.</br></br>In an interview after the meeting, Mr. Schloemer said he is comfortable with analysts' earnings estimates in the range of $1.70 to $1.90 a share for fiscal 1993.</br></br>In fiscal 1992, the industrial and aerospace products concern had earnings from continuing operations of $63.5 million, or $1.32 a share, on sales of $2.38 billion. Net income after the effects of accounting changes was $11.2 million, or 23 cents a share.</br></br>Net for the Sept. 30 first quarter was $16 million, or 33 cents a share, up from operating profit of $15.3 million, or 32 cents a share, a year earlier. Accounting changes produced a net loss in the year-earlier quarter of $37 million, or 77 cents a share. Sales for the quarter rose 6% to $608.2 million from $573.7 million.</br></br>Although business conditions in Europe aren't improving, they don't appear to be growing worse, Mr. Schloemer said. Demand for Parker products appears to have stabilized at a lower level, he said. The company gets about 25% of its sales overseas, mostly in Europe.