Exhibit

CLEVELAND, April 27, 2017 -- Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today reported results for the fiscal 2017 third quarter ended March 31, 2017. Fiscal 2017 third quarter sales increased 10% to $3.12 billion compared with $2.83 billion in the prior year quarter. Net income increased 28% to $238.8 million compared with $187.1 million in the prior year quarter. Fiscal 2017 third quarter earnings per share increased 28% to $1.75, compared with $1.37 in the fiscal 2016 third quarter. Earnings per share were $2.11, when adjusted for business realignment and acquisition related expenses, compared with $1.51 in the prior year quarter, which was adjusted for business realignment expenses. Cash flow from operations for the first nine months of fiscal 2017 was $789.3 million or 9.2% of sales, compared with $704.6 million or 8.4% of sales in the prior year period. Excluding discretionary pension contributions, year-to-date cash flow from operations was 11.8% of sales compared with 10.8% of sales in the prior year period.

particularly pleased that organic sales increased 6%. We drove meaningful year-over-year adjusted segment operating margin improvement of 140 basis points with total segment operating margins reaching 16.1%. With the completion of the CLARCOR acquisition, we are well underway with the integration of our two great filtration businesses designed to achieve significant synergies. We were also pleased at Parker’s ability to be a consistent generator of cash with strong year-to-date operating cash flow performance.”

For the fiscal year ending June 30, 2017, the company has increased guidance for earnings from continuing operations to the range of $6.90 to $7.20 per share, or $7.70 to $8.00 per share on an adjusted basis. Fiscal year 2017 guidance is adjusted for expected business realignment expenses of approximately $0.25 per share and acquisition related expenses of approximately $0.55 per share. Full fiscal year 2017 earnings guidance has been updated to include acquisitions.

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 % change in orders for Diversified Industrial North America and Diversified Industrial International, and the year-over-year 12-month rolling average of orders for the Aerospace Systems Segment.

This press release contains references to (a) earnings per share and segment operating margins without the effect of business realignment charges and acquisition related expenses; (b) the effect of business realignment charges and acquisition related expenses on forecasted earnings from continuing operations per share; and (c) cash flows from operations without the effect of discretionary pension contributions. The effects of business realignment charges, acquisition related expenses and discretionary pension contributions are removed to allow investors and the company to meaningfully evaluate changes in earnings per share, segment operating margins and cash flows from operations on a comparable basis from period to period.

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. These statements may be identified from use of forward-looking terminology such as “anticipates,” “believes,” “may,” “should,” “could,” “potential,” “continues,” “plans,” “forecasts,” “estimates,” “projects,” “predicts,” “would,” “intends,” “anticipates,” “expects,” “targets,” “is likely,” “will,” or the negative of these terms and similar expressions, and include all statements regarding future performance, earnings projections, events or developments. It is possible that the future performance and earnings projections of the company, including its 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 economic environment, and growth, innovation and global diversification initiatives. A change in the economic conditions in individual markets may have a particularly volatile effect on segment performance.

Among other factors which may affect future performance and earnings projections are: economic conditions within the company’s key 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 economic environment, and growth, innovation and global diversification initiatives. A change in the economic conditions in individual markets may have a particularly volatile effect on segment performance. Among other factors which may affect future performance of the Company are, as applicable: changes in business relationships with and purchases by or from major customers, suppliers or distributors, including delays or cancellations in shipments; disputes regarding contract terms or significant changes in financial condition, changes

in contract cost and revenue estimates for new development programs and changes in product mix; ability to identify acceptable strategic acquisition targets; uncertainties surrounding timing, successful completion or integration of acquisitions and similar transactions, including the integration of CLARCOR; the ability to successfully divest businesses planned for divestiture and realize the anticipated benefits of such divestitures; the determination to undertake business realignment activities and the expected costs thereof and, if undertaken, the ability to complete such activities and realize the anticipated cost savings from such activities; ability to implement successfully capital allocation initiatives, including timing, price and execution of share repurchases; availability, limitations or cost increases of raw materials, component products and/or commodities that cannot be recovered in product pricing; ability to manage costs related to insurance and employee retirement and health care benefits; compliance costs associated with environmental laws and regulations; potential labor disruptions; threats associated with and efforts to combat terrorism and cyber-security risks; 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; 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 unless otherwise required by law.



PARKER HANNIFIN CORPORATION - MARCH 31, 2017										Exhibit 99.1
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)	Three Months Ended March 31,						Nine Months Ended March 31,
(Dollars in thousands except per share amounts)	2017			2016			2017			2016

Net sales	$	3,119,139		$	2,828,665		$	8,533,074		$	8,403,603
Cost of sales	2,383,790			2,209,401			6,534,280			6,550,929
Gross profit	735,349			619,264			1,998,794			1,852,674
Selling, general and administrative expenses	392,036			335,908			1,051,583			1,020,788
Interest expense	42,057			33,745			109,649			103,802
Other (income), net	(13,807		)	(23,382		)	(90,468		)	(50,438		)
Income before income taxes	315,063			272,993			928,030			778,522
Income taxes	76,216			85,851			237,545			213,217
Net income	238,847			187,142			690,485			565,305
Less: Noncontrolling interests	174			58			378			261
Net income attributable to common shareholders	$	238,673		$	187,084		$	690,107		$	565,044

Earnings per share attributable to common shareholders:
Basic earnings per share	$	1.79		$	1.39		$	5.17		$	4.16
Diluted earnings per share	$	1.75		$	1.37		$	5.09		$	4.12

Average shares outstanding during period - Basic	133,232,378			134,809,610			133,410,622			135,675,823
Average shares outstanding during period - Diluted	136,102,974			136,552,769			135,527,195			137,311,848

Cash dividends per common share	$	0.66		$	0.63		$	1.92		$	1.89

RECONCILIATION OF EARNINGS PER DILUTED SHARE TO ADJUSTED EARNINGS PER DILUTED SHARE
(Unaudited)	Three Months Ended March 31,						Nine Months Ended March 31,
	2017			2016			2017			2016
Earnings per diluted share	$	1.75		$	1.37		$	5.09		$	4.12
Adjustments:
Business realignment charges	0.09			0.14			0.19			0.44
Acquisition-related expenses	0.27			—			0.36			—
Adjusted earnings per diluted share	$	2.11		$	1.51		$	5.64		$	4.56



PARKER HANNIFIN CORPORATION - MARCH 31, 2017								Exhibit 99.1
BUSINESS SEGMENT INFORMATION
(Unaudited)	Three Months Ended March 31,					Nine Months Ended March 31,
(Dollars in thousands)	2017		2016			2017		2016
Net sales
Diversified Industrial:
North America	$	1,413,302	$	1,247,904		$	3,701,326	$	3,695,008
International	1,128,886		1,019,776			3,149,777		3,050,687
Aerospace Systems	576,951		560,985			1,681,971		1,657,908
Total net sales	$	3,119,139	$	2,828,665		$	8,533,074	$	8,403,603
Segment operating income
Diversified Industrial:
North America	$	227,419	$	202,180		$	612,043	$	568,509
International	152,995		105,161			417,708		329,823
Aerospace Systems	79,967		84,238			225,764		240,005
Total segment operating income	460,381		391,579			1,255,515		1,138,337
Corporate general and administrative expenses	45,747		42,322			120,707		126,583
Income before interest expense and other expense	414,634		349,257			1,134,808		1,011,754
Interest expense	42,057		33,745			109,649		103,802
Other expense	57,514		42,519			97,129		129,430
Income before income taxes	$	315,063	$	272,993		$	928,030	$	778,522

RECONCILIATION OF TOTAL SEGMENT OPERATING MARGIN TO ADJUSTED TOTAL SEGMENT OPERATING MARGIN
(Unaudited)
	Three Months Ended					Three Months Ended
	March 31, 2017					March 31, 2016
	Operating income		Operating margin			Operating income		Operating margin
Total segment operating income	$	460,381	14.8		%	$	391,579	13.8		%
Adjustments:
Business realignment charges	16,318					25,030
Acquisition-related expenses	26,226					—
Adjusted total segment operating income	$	502,925	16.1		%	$	416,609	14.7		%



			Exhibit 99.1
PARKER HANNIFIN CORPORATION - MARCH 31, 2017
CONSOLIDATED BALANCE SHEET
(Unaudited)	March 31,		June 30,		March 31,
(Dollars in thousands)	2017		2016		2016
Assets
Current assets:
Cash and cash equivalents	$	819,563	$	1,221,653	$	1,034,971
Marketable securities and other investments	36,758		882,342		1,069,658
Trade accounts receivable, net	1,869,303		1,593,920		1,587,785
Non-trade and notes receivable	235,924		232,183		245,248
Inventories	1,538,644		1,173,329		1,248,213
Prepaid expenses	118,962		104,360		124,025
Total current assets	4,619,154		5,207,787		5,309,900
Plant and equipment, net	1,945,739		1,568,100		1,598,758
Deferred income taxes	65,152		605,155		379,541
Goodwill	5,508,712		2,903,037		2,948,284
Intangible assets, net	2,338,364		922,571		961,206
Other assets	848,212		827,492		831,880
Total assets	$	15,325,333	$	12,034,142	$	12,029,569

Liabilities and equity
Current liabilities:
Notes payable	$	776,159	$	361,787	$	576,548
Accounts payable	1,209,351		1,034,589		999,159
Accrued liabilities	904,297		841,915		801,716
Accrued domestic and foreign taxes	158,634		127,597		118,802
Total current liabilities	3,048,441		2,365,888		2,496,225
Long-term debt	5,255,156		2,652,457		2,651,906
Pensions and other postretirement benefits	1,787,311		2,076,143		1,483,641
Deferred income taxes	159,666		54,395		68,108
Other liabilities	327,033		306,581		302,706
Shareholders' equity	4,742,139		4,575,255		5,023,612
Noncontrolling interests	5,587		3,423		3,371
Total liabilities and equity	$	15,325,333	$	12,034,142	$	12,029,569



				Exhibit 99.1
PARKER HANNIFIN CORPORATION - MARCH 31, 2017
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)	Nine Months Ended March 31,
(Dollars in thousands)	2017			2016

Cash flows from operating activities:
Net income	$	690,485		$	565,305
Depreciation and amortization	236,543			231,777
Stock incentive plan compensation	60,916			53,735
(Gain) on sale of business	(42,994		)	(10,668		)
Loss on disposal of assets	513			76
(Gain) on sale of marketable securities	(1,032		)	(535		)
Net change in receivables, inventories, and trade payables	(35,469		)	(19,661		)
Net change in other assets and liabilities	(169,403		)	(115,201		)
Other, net	49,734			(262		)
Net cash provided by operating activities	789,293			704,566
Cash flows from investing activities:
Acquisitions (net of cash of $157,426 in 2017 and $3,814 in 2016)	(4,067,755		)	(67,552		)
Capital expenditures	(145,236		)	(110,804		)
Proceeds from sale of plant and equipment	8,452			14,112
Proceeds from sale of business	85,610			24,325
Purchases of marketable securities and other investments	(451,561		)	(1,188,594		)
Maturities and sales of marketable securities and other investments	1,264,721			974,417
Other, net	(2,590		)	(40,364		)
Net cash (used in) investing activities	(3,308,359		)	(394,460		)
Cash flows from financing activities:
Net payments for common stock activity	(262,248		)	(464,367		)
Net proceeds from debt	2,687,761			305,555
Dividends	(257,161		)	(256,890		)
Net cash provided by (used in) financing activities	2,168,352			(415,702		)
Effect of exchange rate changes on cash	(51,376		)	(40,017		)
Net (decrease) in cash and cash equivalents	(402,090		)	(145,613		)
Cash and cash equivalents at beginning of period	1,221,653			1,180,584
Cash and cash equivalents at end of period	$	819,563		$	1,034,971

RECONCILIATION OF CASH FLOW FROM OPERATIONS TO ADJUSTED CASH FLOW FROM OPERATIONS
(Unaudited)	Nine Months Ended
	March 31, 2017			Percent of Sales
As reported cash flow from operations	$	789,293		9.2		%
Discretionary pension contribution	220,000
Adjusted cash flow from operations	$	1,009,293		11.8		%

	Nine Months Ended
	March 31, 2016			Percent of Sales
As reported cash flow from operations	$	704,566		8.4		%
Discretionary pension contribution	200,000
Adjusted cash flow from operations	$	904,566		10.8		%



Contact:	Media -
	Aidan Gormley -Director, Global Communications and Branding	216-896-3258
	aidan.gormley@parker.com
	Financial Analysts -
	Robin J. Davenport, Vice President, Corporate Finance	216-896-2265
	rjdavenport@parker.com

Stock symbol:	PH - NYSE


–	Third quarter sales increased 10% to $3.12 billion, organic sales increased 6%, order rates increased 8%


–	Total segment operating margins strong at 14.8% as reported


–	16.1% adjusted segment operating margins, a year-over-year increase of 140 bps


–	EPS increased 28% to $1.75, or an increase of 40% to $2.11, on an adjusted basis


–	Year-to-date operating cash flow strong at 9.2%, or 11.8% of sales excluding pension contribution


–	CLARCOR acquisition completed and integration underway to capture meaningful synergies


•	Orders increased 9% in the Diversified Industrial North America businesses;


•	Orders increased 13% in the Diversified Industrial International businesses; and


•	Orders were flat in the Aerospace Systems Segment on a rolling 12-month average basis.



		Exhibit 99.1
PARKER HANNIFIN CORPORATION - MARCH 31, 2017
RECONCILIATION OF FORECASTED EARNINGS PER DILUTED SHARE TO ADJUSTED FORECASTED EARNINGS PER DILUTED SHARE
(Unaudited)
(Amounts in dollars)
	Fiscal Year 2017
Forecasted earnings per diluted share	$6.90 to $7.20
Adjustments:
Business realignment charges	0.25
Acquisition-related expenses	0.55
Adjusted forecasted earnings per diluted share	$7.70 to $8.00