Exhibit 99.1

PARKER POSTS FISCAL SECOND QUARTER RESULTS

Cleveland, Ohio: January 18, 2005 – Parker Hannifin Corporation (NYSE: PH) today reported fiscal second-quarter net income of $171.1 million, or $1.41 cents per diluted share, on sales of $1.94 billion for the period ended December 31, 2004, compared to net income of $55.8 million, or 47 cents per diluted share on sales of $1.59 billion in the same period last year. The current-quarter results include 47 cents per diluted share related to the operations and sale of the company’s Wynn Oil specialty chemicals business, which was divested on December 31, 2004, and is now reflected on the company’s financial statements as discontinued operations.

The company again reported strong cash from operations in the first half of fiscal 2005 of $352.1 million, or 9.1 percent of sales, compared with $371.2 million, or 11.8 percent of sales in the prior year.

“We are very pleased with our second quarter results, particularly with our 22 percent sales growth, doubling net income from continuing operations, and strong cash flow,” said Parker Chairman and CEO Don Washkewicz. “We’re still in the early stages of a broad-based, worldwide industrial recovery and we’re continuing to see positive results in nearly all of the end markets we serve, notably the recent uptick in Aerospace.”

Second Quarter Segment Results

In the North American Industrial segment, operating income improved 105 percent to $99.9 million on sales of $819.2 million. International Industrial units increased operating income 108 percent to $61.6 million on sales of $583.2 million.

In the company’s Climate & Industrial Controls segment, second-quarter sales increased 22 percent to $176.5 million and operating income decreased 15 percent to $8.9 million. The decline in operating income is primarily the result of a slowdown in production schedules in the automotive market.

Aerospace reported an increase in operating income of 42 percent to $49.5 million on sales of $327.0 million.

In the “Other” segment, comprised of Astron metal buildings, operating income was $4.7 million on sales of $37.0 million.

Year-to-Date Results

For the first six months of fiscal 2005, the company’s net income increased 170 percent to $303.9 million, or $2.52 per diluted share ($2.03 from continuing operations) on sales of $3.86 billion. Net income for the first six months of last year was $112.5 million, or 95 cents per diluted share on sales of $3.16 billion.

Outlook

The company estimates earnings per share for the third quarter of fiscal 2005 to be between $1.10 and $1.30 per diluted share. Fiscal 2005 full-year earnings are estimated to be between $4.75 and $5.15 per diluted share, which includes 49 cents per diluted share from discontinued operations.

“Our Win Strategy continues to drive sales and margin growth and we’re staying focused on executing those initiatives,” adds Washkewicz. “The results we’ve seen in the first half of the year, combined with the continued positive trends in monthly order rates, give us confidence that we will deliver our projected results for the remainder of the year.”

NOTICE OF CONFERENCE CALL: Parker Hannifin’s conference call and slide presentation to discuss its fiscal second-quarter results is available to all interested parties via live webcast today at 10:00 a.m. ET, on the company’s investor information web site, 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 of more than $7 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 commercial, mobile, industrial and aerospace markets. The company employs more than 48,000 people in 46 countries around the world. Parker has increased its annual dividends paid to shareholders for 48 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 www.parker.com, or its investor information site at www.phstock.com.

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 both its industrial and aerospace markets, and the company’s ability to achieve anticipated benefits associated with announced realignment activities, strategic initiatives to improve operating margins, and growth 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; uncertainties surrounding timing, successful completion or integration of acquisitions; threats associated with and efforts to combat terrorism; 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 currency exchange rates, difficulties entering new markets and general economic conditions such as inflation and interest rates. The company makes these statements as of the date of this disclosure, and undertakes no obligation to update them.

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CONSOLIDATED BALANCE SHEET

Note: Certain prior period amounts have been reclassified to conform to the current year presentation.

CONSOLIDATED STATEMENT OF CASH FLOWS

Note: Certain prior period amounts have been reclassified to conform to the current year presentation.

PARKER HANNIFIN CORPORATION - DECEMBER 31, 2004

CONSOLIDATED STATEMENT OF INCOME

Note: Certain prior period amounts have been reclassified to conform to the current year presentation.