Parker Increases Quarterly Dividend 5 Percent to 43 Cents per Share
CLEVELAND, Jan. 25, 2013 /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 43 cents per share of common stock payable to shareholders of record as of February 8, 2013. The dividend is payable March 1, 2013. This represents a 5 percent increase over the previous quarterly dividend of 41 cents per common share and is the Company's 251st consecutive quarterly dividend, resulting in a total distribution to shareholders of approximately $64 million.
"This increase reflects the Board's confidence in our financial strength and our continued ability to generate strong cash flows despite uncertain macroeconomic conditions," said Jon Marten, Executive Vice President – Finance and Administration and Chief Financial Officer. "By focusing on the initiatives defined by the Win Strategy we have been able to maintain a strong balance sheet while having the flexibility to return value to our shareholders in the form of a consistently increasing dividend payout."
With annual sales exceeding $13 billion in fiscal year 2012, 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 60,000 people in 48 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