CLEVELAND, April 27, 2011 /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 37 cents per share of common stock and declared a dividend payable June 3, 2011 to shareholders of record as of May 10, 2011. This represents a 16 percent increase over the previous quarterly dividend of 32 cents per common share and is the Company's 244th consecutive quarterly dividend, resulting in a total distribution to shareholders of approximately $60 million.
"Year to date, this represents a 42 percent increase in the dividend and is the 55th consecutive fiscal year the dividend has been raised reflecting the Board's confidence in our strong cash position," said Jon Marten, Executive Vice President – Finance and Administration and Chief Financial Officer. "Our financial strength has allowed us to invest in our business to fund growth initiatives, while giving us the flexibility to deliver returns directly to our shareholders in the form of a consistent and growing dividend payout."
With annual sales of $10 billion in fiscal year 2010, 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 55,000 people in 46 countries around the world. Parker has increased its annual dividends paid to shareholders for 55 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