NFPA Member News – August 20, 2014

Applied Industrial Technologies reported results for its fourth quarter and fiscal 2014 year ended June 30. Net sales for the quarter were $654.6 million, an increase of 2.2 percent compared with $640.5 million in the same quarter a year ago. Net income for the quarter was $29.7 million, or $0.71 per share, compared with $32.3 million, or $0.76 per share, in the fourth quarter of fiscal 2013. For the 12 months ended June 30, 2014, sales were $2.460 billion, essentially flat compared to $2.462 billion last year. Net income was $112.8 million, or $2.67 per share, compared with $118.1 million, or $2.78 per share, in the prior year. Applied’s President & Chief Executive Officer Neil A. Schrimsher said, “Fiscal 2014 was a significant year of transition with our ERP deployments and acquisition activity. We enter fiscal 2015 with a great deal of momentum, especially when considering our recent acquisitions of Knox Oil Field Supply and Reliance Industrial Products. We have significantly enhanced our capabilities to serve North American oil and gas markets, and these acquisitions will add approximately $240 million of annual sales to our fiscal 2015 results.”

JARP Industries announced it has opened a new, stand-alone manufacturing facility for its growing cylinder remanufacturing business. The 25,000 square foot facility, opened as part of JARP’s long-term commitment to cylinder remanufacturing, is dedicated solely to its JARP/RE remanufacturing program. According to CEO Kevin Kraft, “JARP Industries has extensive remanufacturing experience, and these expansion efforts will allow JARP/RE to support the remanufacturing needs of a broader base of customers and markets.”

Parker Hannifin Corporation reported results for the fiscal 2014 fourth quarter and full year ended June 30, 2014. Fiscal 2014 fourth quarter sales increased 3 percent to a record $3.53 billion, compared with $3.43 billion in the same period a year ago.  Fiscal 2014 fourth quarter net income was $301.2 million, or $1.98 earnings per diluted share, compared with $271.1 million, or $1.78 earnings per diluted share in the prior year quarter.  Fiscal 2014 sales were a record at $13.2 billion, compared with $13.0 billion in fiscal 2013. Net income for fiscal 2014 was $1,041 million, or $6.87 per diluted share, compared with net income of $949 million, or $6.26 per diluted share in fiscal 2013. “Fiscal 2014 was a transitional year as we worked through the most significant restructuring in our history.” said Chairman, CEO and President, Don Washkewicz. “I am proud that our global team was able to stay focused and still deliver record sales and strong earnings and cash flow for the year, which included record fourth quarter operating cash flow. Overall, we are well positioned entering the new fiscal year.”