Compressed Air Best Practices - March 2009 - (Page 47)

Columns ENERGY MANAGEMENT | 03/09 | ® “Current quarter results reflect the fact that the global recession has deepened and widened in recent months and creates some uncertainty for the remainder of our fiscal year and throughout calendar 2009,” said Chairman, CEO and President Don Washkewicz. “Although we are positioned to fare much better in this recession than in the past, current market conditions are unprecedented and have required us to lower our expectations for the year and reduce costs across our operations. As a direct result of the actions we have taken under the Win Strategy during the past seven years, including our ability to adjust and manage inventory on a real-time basis, Parker is better prepared to adapt to changing market circumstances and weather the challenges ahead.” In the Industrial North America segment, second-quarter sales increased slightly to $993 million, and operating income declined 24% to $107.6 million compared with the same period a year ago. In the Industrial International segment, second-quarter sales declined 11.5% to $1 billion, and operating income declined 34.3% to $115.1 million compared with the same period a year ago. In addition to financial results, Parker also reported a decline of 20% in total orders for the quarter ending December 31, 2008 compared with the same quarter a year ago. Parker reported the following orders by operating segment: 18% decline in the Industrial North America segment compared with the same quarter a year ago, 28% decline in the Industrial International segment compared with the same quarter a year ago, 2% increase in the Aerospace segment on a rolling 12month average basis and a 28% decline in the Climate and Industrial Controls segment compared with the same quarter a year ago. For fiscal 2009, the company revised guidance for earnings from continuing operations to the range of $3.85 to $4.25 per diluted share. Previous guidance for earnings from continuing operations was $5.35 to $5.75 per diluted share. “While the outlook holds many challenges, Parker has a seasoned management team that has experience managing through a downturn,” added Washkewicz. “Workforce and expense reductions have been implemented throughout the company and contingency plans are in place should further actions become necessary. In short, we are prepared to adjust our costs appropriately to reflect changing demand levels. At the same time, we will stay vigilantly focused on long-term growth and are confident that we will emerge in an even stronger position as demand in our end markets improves.” www.airbestpractices.com 47 http://www.airbestpractices.com

Table of Contents Feed for the Digital Edition of Compressed Air Best Practices - March 2009

Compressed Air Best Practices - March 2009 Contents From the Editor Utility-Air News Compressed Air Audit of the Month Air Standards Assessment Improves Electroplater Production and Saves Energy Demand-Side System Optimization Seven Sustainability Projects for Industrial Energy Savings Personal Productivity Resources for Energy Engineers Wall Street Watch Advertiser Index Classifieds

Compressed Air Best Practices - March 2009

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