Parker Hannifin Corp. announced that its Board of Directors increased the Company’s regular quarterly cash dividend to 32 cents per share of common stock and declared a dividend payable March 4, 2011 to shareholders of record as of February 10, 2011. This represents a 10% increase over the previous quarterly dividend of 29 cents per common share and is the Company’s 243rd consecutive quarterly dividend, resulting in a total distribution to shareholders of approximately $52 million.
“We are encouraged by the Board’s confidence in our ability to consistently generate strong free cash flow that gives us the financial flexibility to invest in growing our business, while simultaneously delivering returns to our shareholders,” said Jon Marten, Executive Vice President – Finance and Administration and Chief Financial Officer. “This is the third time the Board has raised the dividend this fiscal year representing a total increase of 23%.”
