8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): April 16, 2009

PARKER-HANNIFIN CORPORATION

(Exact Name of Registrant as Specified in Charter)

Ohio	1-4982	34-0451060
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

6035 Parkland Blvd. Cleveland, Ohio	44124-4141
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (216) 896-3000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

Item 7.01 Regulation FD Disclosure

The following information is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition” and Item 7.01, “Regulation FD Disclosure”

On April 16, 2009, Parker-Hannifin Corporation issued a press release and presented a Webcast announcing earnings for the quarter ended March 31, 2009. The press release contains references to sales growth excluding the effects of acquisitions and foreign currency exchange rates. The effects of acquisitions and foreign currency exchange rates are removed to allow investors and the company to meaningfully evaluate changes in sales on a comparable basis from period to period. A copy of the press release is filed as Exhibit 99.1 to this report. A copy of the Webcast presentation is filed as Exhibit 99.2 to this report.

Item 9.01 Financial Statements and Exhibits

(c) Exhibits:

99.1 Press release issued by Parker-Hannifin Corporation, dated April 16, 2009.

99.2 Webcast presentation by Parker-Hannifin Corporation, dated April 16, 2009.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

PARKER-HANNIFIN CORPORATION
By:	/s/ Timothy K. Pistell
	Timothy K. Pistell
	Executive Vice President - Finance and Administration and Chief Financial Officer

Date: April 16, 2009

EX-99.1

Exhibit 99.1

For Release:	Immediately
Contact:	Media –
	Christopher M. Farage - Vice President, Corp. Communications	216/896-2750
	cfarage@parker.com
	Financial Analysts –
	Pamela Huggins, Vice President - Treasurer	216/896-2240
	phuggins@parker.com

Stock Symbol: PH – NYSE

Parker Reports Third Quarter Sales, Net Income and Earnings per Share

- Company revises guidance for fiscal 2009

CLEVELAND, April 16, 2009 — Parker Hannifin Corporation (NYSE: PH), the world leader in motion and control technologies, today reported results for its fiscal 2009 third quarter ending March 31, 2009. Fiscal 2009 third quarter sales were $2.3 billion, a decline of 26.3 percent from $3.2 billion in the same quarter a year ago. Net income declined 79.1 percent to $53.4 million from $255.4 million in the third quarter of fiscal 2008. Earnings per diluted share declined 77.8 percent to 33 cents compared with $1.49 in last year’s third quarter. Earnings included expenses related to legal proceedings associated with the company’s Parker ITR subsidiary, which were largely offset by an ITR related net tax benefit.

Cash flow from operations for the first nine months of fiscal 2009 was $716.1 million, or 8.8 percent of sales, compared with $863.8 million, or 9.8% of sales in the prior year period. In the third quarter of fiscal 2009, cash flow from operations was $271.6 million, or 11.6% of sales, compared with $390.2 million, or 12.3% in the third quarter of fiscal 2008. During the third quarter, the company’s outstanding debt declined by $308 million.

“Third quarter results reflect the impact of the global recession,” said Chairman, CEO and President Don Washkewicz. “Weakness in customer order trends that began in the second quarter continued through the third quarter across almost all markets. This led to a 24.0 percent decline in organic sales,

1

while foreign currency translation negatively impacted sales by 6.9 percent and acquisitions contributed 4.6 percent to sales. In the face of this difficult business environment, we continue to focus on adjusting our cost structure to reflect changing demand levels, maintaining a strong balance sheet, and managing for cash.

“Actions taken to manage working capital and control capital spending are already evident in our strengthened balance sheet and healthy cash flow levels, while the benefits of costs reductions are expected to become more evident in the fourth quarter and into the next fiscal year. We have implemented a series of workforce reductions, established a wage freeze, offered select early retirement incentives, and instituted a 10 percent reduction in salaries, globally. Parker employees have responded remarkably, and with determination and tenacity are focused on the appropriate priorities that will see us through this downturn and emerge stronger as conditions improve.”

Segment Results

In the Industrial North America segment, third-quarter sales declined 21.2 percent to $857.0 million, and operating income declined 50.6 percent to $73.1 million, compared with the same period a year ago.

In the Industrial International segment, third-quarter sales declined 37.8 percent to $836.8 million, and operating income declined 82.4 percent to $38.3 million, compared with the same period a year ago.

In the Aerospace segment, third-quarter sales increased 2.1 percent to $480.0 million, and operating income declined 3.9 percent to $65.7 million, compared with the same period a year ago.

In the Climate & Industrial Controls segment, third-quarter sales declined 38.9 percent to $170.9 million, and the segment recorded an operating loss of $7.4 million, compared with an operating profit of $18.3 million in the same period a year ago.

2

Orders

In addition to financial results, Parker also reported a decline of 34 percent in total orders for the quarter ending March 31, 2009, compared with the same quarter a year ago. Parker reported the following orders by operating segment:

• Orders declined 35 percent in the Industrial North America segment, compared with the same quarter a year ago.

• Orders declined 41 percent in the Industrial International segment, compared with the same quarter a year ago.

• Orders declined 12 percent in the Aerospace segment on a rolling 12 month average basis.

• Orders declined 36 percent in the Climate and Industrial Controls segment, compared with the same quarter a year ago.

Outlook

For fiscal 2009, the company revised guidance for earnings from continuing operations to the range of $2.95 to $3.15 per diluted share. Previous guidance for earnings from continuing operations was $3.85 to $4.25 per diluted share.

Washkewicz added, “We are proud of the fact that our decline in operating profit during the quarter was 33.7 percent of the decline in revenue, but was only 28.0 percent excluding acquisitions. This is a clear indication that we are managing through the downturn effectively. While the environment we are operating in holds many uncertainties, we anticipate that conditions will not improve appreciably in the near-term and order levels are expected to be similar to what we experienced in the third quarter. Further cost reductions and managing for cash will continue to be our priorities as we close out the fiscal year. Lastly, we will continue to execute our Win Strategy with emphasis on premier customer service, developing innovative systems and solutions, and leveraging our broad distribution network to drive market share gains and increase the value we offer customers. These efforts are expected to position us strongly when the economic rebound occurs.”

NOTICE OF CONFERENCE CALL: Parker Hannifin’s conference call and slide presentation to discuss its

3

fiscal third-quarter results are available to all interested parties via live webcast today at 10:00 a.m. ET, on the company’s investor information web site, http://www.phstock.com. To access the call, click on the “Live Webcast” link. From this link, users also may complete a pre-call system test and register for e-mail notification of future events and information available from Parker.

With annual sales exceeding $12 billion, 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 62,000 people in 48 countries around the world. Parker has increased its annual dividends paid to shareholders for 53 consecutive 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 http://www.parker.com, or its investor information site at http://www.phstock.com.

Notes on Orders

Orders provide near-term perspective on the company’s outlook, particularly when viewed in the context of prior and future quarterly order rates. However, orders are not in themselves an indication of future performance. All comparisons are at constant currency exchange rates, with the prior year restated to the current-year rates. All exclude acquisitions until they can be reflected in both the numerator and denominator. Aerospace comparisons are rolling 12-month average computations. The Total Parker orders number is derived from a weighted average of the year-over-year quarterly percent change in orders for the Industrial North America, Industrial International, and Climate and Industrial Controls segments, and the year-over-year 12-month rolling average of orders in the Aerospace segment.

Forward-Looking Statements

Forward-looking statements contained in this and other written and oral reports are made based on known events and circumstances at the time of release, and as such, are subject in the future to unforeseen uncertainties and risks. All statements regarding future performance, earnings projections, events or developments are forward-looking statements. It is possible that the future performance and earnings projections of the company and individual segments may differ materially from current expectations, depending on economic conditions within its mobile, industrial and aerospace markets, and the company’s ability to maintain and achieve anticipated benefits associated with announced realignment activities, strategic initiatives to improve operating margins, actions taken to combat the effects of the current recession, and growth, innovation and global diversification initiatives. A change in economic conditions in individual markets may have a particularly volatile effect on segment results. Among the other factors which may affect future performance are: changes in business relationships with and purchases by or from major customers or suppliers, including delays or cancellations in shipments or significant changes in financial condition; uncertainties surrounding timing, successful completion or integration of acquisitions; threats associated with and efforts to combat terrorism; uncertainties surrounding the ultimate resolution of outstanding legal proceedings, including the outcome of any appeals; competitive market conditions and resulting effects on sales and pricing; increases in raw material costs that cannot be recovered in product pricing; the company’s ability to manage costs related to employee retirement and health care benefits and insurance; and global economic factors, including manufacturing activity, air travel trends, currency exchange rates, difficulties entering new markets and general economic conditions such as inflation, deflation, interest rates and credit availability. The company makes these statements as of the date of this disclosure, and undertakes no obligation to update them.

###

4

PARKER HANNIFIN CORPORATION - MARCH 31, 2009

CONSOLIDATED STATEMENT OF INCOME

(Unaudited)	Three Months Ended March 31,					Nine Months Ended March 31,
(Dollars in thousands except per share amounts)	2009			2008		2009			2008
Net sales	$	2,344,713		$	3,182,537	$	8,098,057		$	8,798,853
Cost of sales		1,908,607			2,447,216		6,367,279			6,763,650
Gross profit		436,106			735,321		1,730,778			2,035,203
Selling, general and administrative expenses		317,992			347,022		987,858			990,944
Interest expense		28,393			25,540		86,796			73,977
Other expense (income), net		27,186			4,965		38,987			(1,424	)
Income before income taxes		62,535			357,794		617,137			971,706
Income taxes		9,113			102,353		158,138			274,805
Net income	$	53,422		$	255,441	$	458,999		$	696,901
Earnings per share:
Basic earnings per share	$	.33		$	1.52	$	2.83		$	4.14
Diluted earnings per share	$	.33		$	1.49	$	2.81		$	4.05
Average shares outstanding during period - Basic		160,529,032			167,750,603		161,927,857			168,532,262
Average shares outstanding during period - Diluted		161,011,156			170,892,454		163,103,396			171,878,223
Cash dividends per common share	$	.25		$	.21	$	.75		$	.63
BUSINESS SEGMENT INFORMATION
(Unaudited)	Three Months Ended March 31,					Nine Months Ended March 31,
(Dollars in thousands)	2009			2008		2009			2008
Net sales
Industrial:
North America	$	857,032		$	1,086,986	$	2,957,149		$	3,084,233
International		836,778			1,345,849		3,102,711			3,624,486
Aerospace		480,024			470,109		1,432,164			1,328,097
Climate & Industrial Controls		170,879			279,593		606,033			762,037
Total	$	2,344,713		$	3,182,537	$	8,098,057		$	8,798,853
Segment operating income
Industrial:
North America	$	73,089		$	148,019	$	341,190		$	444,881
International		38,281			217,243		356,355			575,903
Aerospace		65,664			68,323		203,470			177,676
Climate & Industrial Controls		(7,369	)		18,282		(4,684	)		39,209
Total segment operating income	$	169,665		$	451,867	$	896,331		$	1,237,669
Corporate general and administrative expenses		40,366			48,157		123,112			133,505
Income from operations before interest expense and other		129,299			403,710		773,219			1,104,164
Interest expense		28,393			25,540		86,796			73,977
Other expense		38,371			20,376		69,286			58,481
Income before income taxes	$	62,535		$	357,794	$	617,137		$	971,706

PARKER HANNIFIN CORPORATION - MARCH 31, 2009

CONSOLIDATED BALANCE SHEET

(Unaudited)
(Dollars in thousands) March 31,	2009			2008
Assets
Current assets:
Cash and cash equivalents	$	166,548		$	182,134
Accounts receivable, net		1,532,232			1,985,894
Inventories		1,335,186			1,488,799
Prepaid expenses		151,500			70,334
Deferred income taxes		125,998			145,013
Total current assets		3,311,464			3,872,174
Plant and equipment, net		1,828,520			1,861,893
Goodwill		2,808,724			2,652,727
Intangible assets, net		1,242,330			724,607
Other assets		376,472			497,776
Total assets	$	9,567,510		$	9,609,177
Liabilities and shareholders’ equity
Current liabilities:
Notes payable	$	747,859		$	621,168
Accounts payable		658,775			879,169
Accrued liabilities		771,913			820,720
Accrued domestic and foreign taxes		127,982			166,229
Total current liabilities		2,306,529			2,487,286
Long-term debt		1,849,286			1,189,736
Pensions and other postretirement benefits		459,004			362,865
Deferred income taxes		202,242			140,077
Other liabilities		281,797			310,220
Shareholders’ equity		4,468,652			5,118,993
Total liabilities and shareholders’ equity	$	9,567,510		$	9,609,177
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)	Nine Months Ended March 31,
(Dollars in thousands)	2009			2008
Cash flows from operating activities:
Net income	$	458,999		$	696,901
Depreciation and amortization		264,337			231,680
Stock-based compensation		35,286			37,934
Net change in receivables, inventories, and trade payables		245,488			(163,824	)
Net change in other assets and liabilities		(282,717	)		87,582
Other, net		(5,299	)		(26,501	)
Net cash provided by operating activities		716,094			863,772
Cash flows from investing activities:
Acquisitions (net of cash of $24,203 in 2009 and $13,668 in 2008)		(720,553	)		(467,686	)
Capital expenditures		(226,195	)		(188,172	)
Proceeds from sale of plant and equipment		25,899			16,120
Other, net		2,686			(3,554	)
Net cash (used in) investing activities		(918,163	)		(643,292	)
Cash flows from financing activities:
Net (payments for) common share activity		(437,118	)		(521,262	)
Net proceeds from debt		639,728			414,363
Dividends		(121,458	)		(107,077	)
Net cash provided by (used in) financing activities		81,152			(213,976	)
Effect of exchange rate changes on cash		(38,583	)		2,924
Net (decrease) increase in cash and cash equivalents		(159,500	)		9,428
Cash and cash equivalents at beginning of period		326,048			172,706
Cash and cash equivalents at end of period	$	166,548		$	182,134

EX-99.2

Parker Hannifin Corporation

Quarterly Earnings Release

3rd Quarter FY 2009

April 16, 2009

Exhibit 99.2

Slide 2

Forward-Looking Statements

Forward-Looking Statements:

Forward-looking statements contained in this and other written and oral reports are made based

on

known

events

and

circumstances

at

the

time

of

release,

and

as

such,

are

subject

in

the

future to unforeseen uncertainties and risks. All statements regarding future performance,

earnings projections, events or developments are forward-looking statements. It is possible that

the future performance and earnings projections of the company and individual segments may

differ materially from current expectations, depending on economic conditions within its mobile,

industrial and aerospace markets, and the company's ability to maintain and achieve

anticipated benefits associated with announced realignment activities, strategic initiatives to

improve

operating

margins,

actions

taken

to

combat

the

effects

of

the

current

recession,

and

growth, innovation and global diversification initiatives. A change in economic conditions in

individual markets may have a particularly volatile effect on segment results. Among the other

factors which may affect future performance are: changes in business relationships with and

purchases by or from major customers or suppliers, including delays or cancellations in

shipments or significant changes in financial condition; uncertainties surrounding timing,

successful completion or integration of acquisitions; threats associated with and efforts to

combat terrorism; uncertainties surrounding the ultimate resolution of outstanding legal

proceedings, including the outcome of any appeals; competitive market conditions and resulting

effects on sales and pricing; increases in raw material costs that cannot be recovered in product

pricing; the company’s ability to manage costs related to employee retirement and health care

benefits and insurance; and global economic factors, including manufacturing activity, air travel

trends, currency exchange rates, difficulties entering new markets and general economic

conditions such as inflation, deflation, interest rates and credit availability. The company makes

these statements as of the date of this disclosure, and undertakes no obligation to update them.

Slide 3

Non-GAAP Financial Measure

This presentation reconciles sales amounts reported in accordance

with U.S. GAAP to sales amounts adjusted to remove the effects of

acquisitions made within the prior four quarters as well as the effects

of

currency

exchange

rates

on

sales.

The

effects

of

acquisitions

and

currency exchange rates are removed to allow investors and the

company to meaningfully evaluate changes in sales on a comparable

basis from period to period.

Slide 4

Discussion Agenda

CEO 3  Quarter Highlights

Key Performance Measures & Outlook

Questions & Answers

CEO Closing Comments

rd

Slide 5

Third Quarter & YTD Highlights

Q3 FY09:

Cash Flow/Sales Increased Sequentially to 11.6%

Capital Expenditures/Sales Decreased to 2.2%

YTD FY09:

Cash Flow YTD of $716

Million (8.8% of Sales) 

Inventory/Sales Reduced to 12.4% (In Line with

FY08)

Slide 6

Financial Highlights

Diluted Earnings per Share

3   Quarter

$1.49

$.33

$2.81

$4.05

$.00

$.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

$4.50

Q3 FY09

Q3 FY08

FY09 YTD

FY08 YTD

rd

Slide 7

Influences on 3

rd

Quarter Earnings

Diluted Earnings Per Share Decreased as a Result of:

Lower Sales (26%) Due To A Recession Driven Decline In Most

Markets

Realignment Expenses of $25M

Inventory Reductions of $184M

Higher Interest Expense

Higher Other Expense Related to Parker ITR Legal Proceedings:

$36M

Offset by:

Lower Corporate, General and Administrative Expenses

Lower Tax Expense Due to Decreased Income and Lower Effective

Tax Rate

Gain From Insurance Settlement of $12M

Fewer Shares Outstanding

Slide 8

rd

Financial Highlights

Sales –

3

Quarter and YTD as of March 31

Dollars in millions

FY2009

%

Change

FY2008

FY2009

%

Change

FY2008

Sales

As reported

2,345

$

(26.3)%

3,183

$  

8,098

$  

(8.0)%

8,799

$  

Acquisitions

146

4.6 %

450

5.1 %

Currency

(218)

(6.9)%

(338)

(3.9)%

Adjusted Sales

2,417

$

(24.0)%

7,986

$  

(9.2)%

3rd Quarter

Year To Date

Slide 9

Influences on Sales

Positives:

Aerospace

Acquisitions

Negatives:

Global recession

Currency

Slide 10

Segment Reporting

Industrial North America

Dollars in millions

Sales

As reported

Acquisitions

Currency

Adjusted Sales

Operating Margin

As reported

% of Sales

FY2009

%

Change

FY2008

FY2009

%

Change

FY2008

857

$  

(21.2)%

1,087

$ 

2,957

$ 

(4.1)%

3,084

$ 

79

7.2 %

241

7.8 %

(20)

(1.8)%

(38)

(1.2)%

798

$  

(26.6)%

2,754

$ 

(10.7)%

73

$     

148

$    

341

$     

445

$     

8.5 %

13.6 %

11.5 %

14.4 %

Year To Date

3rd Quarter

Slide 11

Segment Reporting

Industrial International

Dollars in millions

FY2009

%

Change

FY2008

FY2009

%

Change

FY2008

Sales

As reported

837

$   

(37.8)%

1,346

$  

3,103

$  

(14.4)%

3,624

$  

Acquisitions

67

5.0 %

191

5.2 %

Currency

(176)

(13.1)%

(262)

(7.2)%

Adjusted Sales

946

$   

(29.7)%

3,174

$  

(12.4)%

Operating Margin

As reported

38

$      

217

$     

356

$      

576

$      

  % of Sales

4.6 %

16.1 %

11.5 %

15.9 %

3rd Quarter

Year To Date

Slide 12

Segment Reporting

Aerospace

Dollars in millions

FY2009

%

Change

FY2008

FY2009

%

Change

FY2008

Sales

As reported

480

$  

2.1 %

470

$    

1,432

$ 

7.9 %

1,328

$ 

Acquisitions

18

1.4 %

Currency

(8)

(1.7)%

(12)

(0.9)%

Adjusted Sales

488

$  

3.8 %

1,426

$ 

7.4 %

Operating Margin

As reported

66

$     

68

$       

203

$     

178

$     

% of Sales

13.7 %

14.5 %

14.2 %

13.4 %

3rd Quarter

Year To Date

Slide 13

Segment Reporting

Climate & Industrial Controls

Dollars in millions

FY2009

%

Change

FY2008

FY2009

%

Change

FY2008

Sales

As reported

171

$   

(38.9)%

280

$     

606

$      

(20.5)%

762

$      

Acquisitions

Currency

(15)

(5.3)%

(25)

(3.3)%

Adjusted Sales

186

$   

(33.6)%

631

$      

(17.2)%

Operating Margin

As reported

(7)

$       

18

$        

(5)

$         

39

$        

  % of Sales

(4.3)%

6.5 %

(0.8)%

5.1 %

3rd Quarter

Year To Date

Slide 14

Parker Order Rates

Excludes Acquisitions & Currency

3-month year-over-year comparisons of total dollars, except Aerospace

Aerospace is calculated using a 12-month moving average

FY09

FY08

MAR

DEC

MAR

DEC

Total Parker

34 %

-

20 %

-

9 %

+   

10 %

+ 

Industrial North America

35 %

-

18 %

-

2 %

+   

4 %

+   

Industrial International

41 %

-

28 %

-

11 %

+ 

16 %

+ 

Aerospace

12 %

-

2 %

+  

28 %

+ 

19 %

+ 

Climate & Industrial Controls

36 %

-

28 %

-

1 %

-

6 %

-

Three Month Rolling at Period End

Slide 15

Balance Sheet Summary

Cash

Working capital

-

Inventory

-

Accounts receivable

-

Accounts payable

Slide 16

Strong Cash Flow

Cash from Operating Activities

3

rd

Quarter Year to Date

$864

$716

$0

$60

$120

$180

$240

$300

$360

$420

$480

$540

$600

$660

$720

$780

$840

$900

FY09

FY08

11.6% Q3

$272M

Slide 17

Financial Leverage

Debt to Debt Equity

36.8%

16.0%

18.0%

20.0%

22.0%

24.0%

26.0%

28.0%

30.0%

32.0%

34.0%

36.0%

38.0%

40.0%

42.0%

FY00

FY01

FY02

FY03

FY04

FY05

FY06

FY07

FY08

FY09 YTD

36.8% 

Debt to Debt Equity

(35.2% net Debt)

Slide 18

FY 2009  Earnings Outlook Assumptions

Segment Sales & Operating Margins

FY 2009 Sales change versus FY 2008

Industrial North America

(13.4)%

--

(13.2)%

Industrial International

(22.7)%

--

(22.5)%

Aerospace

2.3 %

--

2.5 %

Climate & Industrial Controls

(26.8)%

--

(26.6)%

FY 2009 Operating margin percentages

Industrial North America

10.7 %

--

11.0 %

Industrial International

9.5 %

--

9.9 %

Aerospace

13.4 %

--

13.7 %

Climate & Industrial Controls

(.7)%

--

(.1)%

Slide 19

FY 2009 Earnings Outlook Assumptions

below Operating Margin

Corporate Admin

(5%)  to  (20%)  vs. FY 2008

Interest Expense

+ 20%  to + 6%   vs. FY 2008

Other Expense (Inc.) 

(40%)  to  + 5%  vs. FY 2008

Tax Rate

27 %

Slide 20

Earnings Outlook –

FY09

Low

High

Diluted earnings per share

$2.95

$3.15

Slide 21

Questions & Answers...

Appendix

Income Statements

3   Quarter FY2009

3   Quarter YTD FY2009

rd

rd

Slide 23

Income Statement –

3

Quarter

Dollars in millions

% of Sales

% of Sales

Net Sales

2,344.7

$ 

100.0 %

3,182.5

$ 

100.0 %

Cost of sales

1,908.6

81.4 %

2,447.2

76.9 %

Gross profit

436.1

18.6 %

735.3

23.1 %

S, G & A

318.0

13.6 %

347.0

10.9 %

Interest expense

28.4

1.2 %

25.5

.8 %

Other expense (income), net

27.2

1.1 %

5.0

.2 %

Income before taxes

62.5

2.7 %

357.8

11.2 %

Income taxes

9.1

.4 %

102.4

3.2 %

Net income

53.4

$       

2.3 %

255.4

$    

8.0 %

FY 2009

FY 2008

rd

Slide 24

rd

Income Statement –

3   Quarter YTD

Dollars in millions

% of Sales

% of Sales

Net Sales

8,098.1

$ 

100.0 %

8,798.9

$ 

100.0 %

Cost of sales

6,367.3

78.6 %

6,763.7

76.9 %

Gross profit

1,730.8

21.4 %

2,035.2

23.1 %

S, G & A

987.9

12.2 %

990.9

11.3 %

Interest expense

86.8

1.0 %

74.0

.8 %

Other expense (income), net

39.0

.5 %

(1.4)

(.0)%

Income before taxes

617.1

7.7 %

971.7

11.0 %

Income taxes

158.1

2.0 %

274.8

3.1 %

Net income

459.0

$     

5.7 %

696.9

$    

7.9 %

FY 2009

FY 2008