Parker Increases Quarterly Dividend 5 Percent to 41 Cents per Share
CLEVELAND, April 24, 2012 /PRNewswire/ -- Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today announced that its Board of Directors increased the Company's regular quarterly cash dividend to 41 cents per share of common stock and declared a dividend payable June 1, 2012 to shareholders of record as of May 10, 2012. This represents a 5 percent increase over the previous quarterly dividend of 39 cents per common share and is the Company's 248th consecutive quarterly dividend, resulting in a total distribution to shareholders of approximately $62 million.
"This is the second consecutive quarterly dividend increase we have implemented this fiscal year, and it reflects the Board's confidence in our financial strength and our ability to consistently generate strong cash flows," said Jon Marten, Executive Vice President – Finance and Administration and Chief Financial Officer. "We continue to balance investments in our business and returns to our shareholders in the form of a growing dividend payout. We have now extended our long standing annual dividend increase record to 56 consecutive fiscal years, which is among the top five longest running dividend-increase records in the S&P 500 index."
With annual sales exceeding $12 billion in fiscal year 2011, 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 mobile, industrial and aerospace markets. The company employs approximately 58,000 people in 47 countries around the world. Parker has increased its annual dividends paid to shareholders for 56 consecutive fiscal 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 www.parker.com, or its investor information web site at www.phstock.com.
SOURCE Parker Hannifin Corporation