Exhibit 99.1

Stock Symbol: PH – NYSE

Parker Hannifin Reports Record Sales, Income from Continuing Operations, and Cash Flow From Operations in Third Quarter

CLEVELAND, April 18, 2006 — Parker Hannifin Corporation (NYSE: PH) today reported third quarter records in sales and income from continuing operations, and year to date cash flow from operations. For the third quarter of fiscal-year 2006, sales were $2.50 billion, up 18.3 percent, as compared to sales of $2.11 billion from the same period last year. Income from continuing operations in the third quarter of fiscal 2006 was $1.46 per diluted share, compared to $1.16 in the prior year. Cash flow from operations reached $610.0 million or 9 percent of sales, a record for the first nine months, surpassing $498.4 million or 8.5 percent of sales in the same period last year.

The current quarter includes an expense of 3 cents per diluted share related to FAS 123R, which requires the expensing of equity based compensation, and income of 3 cents per diluted share as a result of a litigation settlement. These two items are included in “Other Expense” for segment reporting purposes, and are not included in the operating segment results.

“We had another strong quarter,” said Chairman and CEO Don Washkewicz . “The growth we demonstrated this quarter keeps us on track for another year of double-digit growth. Of our 18 percent growth in the quarter, 10 percent was organic, which reflects our commitment to premier customer service and our participation in global markets. We continue to do what we said we would do—grow this company by greater than 10 percent each year. This is a track record of accomplishment that can give confidence to our key stakeholders, including customers, employees, investors and creditors.”

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Third Quarter Segment Results

“In the quarter,” Washkewicz continued, “we saw strength in our end markets and regions across the world. North America continued to grow, with the exception of the automotive market, as did Europe and Asia; Latin America remained solid. Our aerospace business continued to be very strong across both military and commercial markets.”

In the North American Industrial segment, third quarter operating income increased 37.1 percent over the prior year to $164.7 million, on sales of $1,062.7 million.

The International Industrial segment third quarter operating income increased 56.8 percent over the prior year to $98.9 million, on sales of $774.0 million.

In the company’s Climate & Industrial Controls segment, third quarter operating income decreased 10.4 percent over the prior year to $23.8 million, on sales of $270.4 million.

The Aerospace segment third quarter operating income increased 24.0 percent over the prior year to $54.5 million, on sales of $391.0 million.

Fiscal Year to Date Results

For the first nine months of fiscal-year 2006, sales were $6.77 billion, up 14.8 percent, as compared to sales of $5.90 billion from the same period last year. Income from continuing operations for the first nine months of fiscal 2006 was $3.73 per diluted share, compared to $3.13 in the same period in the prior year.

“We continue to be very pleased with our ability to generate record levels of income from continuing operations and cash flow from operations,” added Washkewicz. “These results, along with our improved cost basis and productivity gains from our Lean manufacturing initiative, allow us ample flexibility to invest in new technologies, new and emerging growth areas, and strategic acquisitions.”

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“In addition,” Washkewicz continued, “one of the things that sets us apart, and accounts for our leadership position in motion and control technologies, is our ability to get our products, services, and systems anywhere in the world they are needed by our customers, and our customers’ customers. Our industry leadership and our double digit organic growth is achieved through our network of approximately 12,000 independent distribution and retail outlets that represent Parker across the world. This channel to market also helps drive our improving levels of customer service and delivery, which are at an all time high this year. It’s also a reflection of our focus on premier customer service, which our Win Strategy defines as the first order of business for every Parker operating unit across the world.”

Highlights

In the third quarter, Parker Hannifin acquired 70 percent of the shares of Japan-based Kuroda Pneumatics Ltd., a wholly owned subsidiary of Kuroda Precision Industries Ltd. Kuroda Pneumatics employs 150 people, had 2005 sales of approximately $50 million, and manufactures high performance actuators, cylinders, valves, controls and other related products for a wide variety of industrial automation applications. The addition of Kuroda Pneumatics strengthens Parker’s current automation business capabilities to better serve the Japanese marketplace, and the company’s long-term commitment to accelerating its growth in the Asia Pacific region.

The company also unveiled Parker RunWise at this month’s International Waste Expo in Las Vegas. Parker RunWise is an innovative energy recovery system resulting from a unique combination of hydraulic technologies, and will be another platform that drives the company’s organic growth. An early example of what the company is planning to achieve through its Winovation initiative, Parker RunWise marks another milestone in Parker’s evolution as an innovative company with the capability to provide customers with advanced systems solutions. Initially targeted to sanitation vehicles, this unique hybrid drive system is designed to provide fleet owners with significant gains in fuel economy of up to 50 percent, reduced brake wear, reduced engine emissions, and improved acceleration. Unlike electric hybrids, Parker RunWise uses lightweight hydraulic accumulators to store the energy from braking that is otherwise lost, and converts this energy to help the vehicle accelerate.

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Outlook

The company revised the range of its fiscal 2006 annual earnings guidance provided on January 18, 2006. The following table summarizes the company’s earnings guidance, including the loss of 8 cents per diluted share from the divestiture of the Thermoplastics division which was announced last quarter:

The company continues to expect total FAS 123R expense for equity-based compensation in fiscal 2006 to be no more than 20 cents per diluted share, which includes the 16 cents per diluted share expense already incurred fiscal year to date.

“Our current results and the positive order trends we’ve been experiencing give us confidence that we will achieve another record year,” concluded Washkewicz. “Our Win Strategy is solidly in place, providing all our operating units with clarity of goals and a strategy that will allow us to achieve them. The goals are clear and achievable — 10 percent growth, top quartile return on invested capital, and a continuing commitment to premier customer service. We’re looking forward to an excellent finish to fiscal 2006 and the continuation of our strong performance over the longer range. With the support of our shareholders, and the talents and customer devotion of our 55,000 Parker employees, we are confident that we can sustain our strong record of creating total shareholder value over the years ahead.”

In addition to this information, Parker advises shareholders to note order trends, for which the company makes a disclosure several business days after the conclusion of each month. This information is available on the company’s investor information web site, at www.phstock.com.

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

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With annual sales exceeding $8 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 55,000 people in 46 countries around the world. Parker has increased its annual dividends paid to shareholders for 49 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 and innovation 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 manufacturing activity, air travel trends, 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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PARKER HANNIFIN CORPORATION - MARCH 31, 2006

CONSOLIDATED STATEMENT OF INCOME

(Unaudited)

PARKER HANNIFIN CORPORATION - MARCH 31, 2006

CONSOLIDATED BALANCE SHEET

(Unaudited)