Exhibit 99.1

Stock Symbol: PH – NYSE

Parker Reports Fiscal 2009 Full Year and Fourth Quarter Sales, Net Income and Earnings per Share

- Company Generates Strong Operating Cash, Issues Outlook for Fiscal 2010

CLEVELAND, July 30, 2009 – Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today reported results for the fourth quarter and fiscal year ending June 30, 2009. Fiscal 2009 sales were $10.3 billion, a decline of 15.1 percent from $12.1 billion in the previous year. Fiscal 2009 net income declined 46.4 percent to $508.5 million, from $949.5 million in fiscal 2008. Earnings per diluted share declined 43.4 percent to $3.13, compared with $5.53 in the previous year. Cash flow from operations for fiscal 2009 was $1.1 billion, or 11.0 percent of sales, compared with $1.3 billion, or 10.8 percent of sales in the prior year.

“We started the year strongly, however, our performance in the second half of the year reflected the impact of the ongoing global recession, which resulted in significantly reduced order rates,” said Chairman, CEO and President Don Washkewicz. “As we had anticipated, our focus on implementing the Win Strategy throughout much of this decade, has re-shaped our company and allowed us to weather this downturn much more successfully than in previous recessions. We are especially pleased with our very strong operating cash flow both in the quarter and for the year, and that we maintained total segment operating margins approaching 10 percent for the year. Additionally, we are proud of the fact that our decline in operating profit during the quarter was 32 percent of the decline in revenue, and includes the effect of acquisitions, inventory reduction and reductions in force.”

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Fiscal 2009 fourth quarter sales were $2.2 billion, a decline of 33.9 percent from $3.3 billion in the same quarter a year ago. Net income for the fourth quarter declined 80.4 percent to $49.5 million from $252.6 million in the fourth quarter of fiscal 2008. Earnings per diluted share for the quarter declined 79.2 percent to 31 cents, compared with $1.47 in last year’s fourth quarter. Cash flow from operations in the quarter was $413.1 million, or a record 18.7 percent of sales, compared with $452.8 million, or 13.5 percent in the fourth quarter of fiscal 2008. The company used its cash flow to pay down $321 million in outstanding debt in the quarter.

Reflecting on the quarter Washkewicz added, “Our fourth quarter performance was influenced by order rates which declined year-over-year and sequentially from the third quarter levels. This led to a 32 percent decline in organic sales for the quarter, while foreign currency translation negatively impacted sales by 5 percent and acquisitions contributed 3 percent to sales. The decline in sales was the primary driver of lower profitability levels, and our Industrial International segment was hit particularly hard as reductions in workforce have taken longer to implement. However, with cash being our primary focus, I am particularly pleased that fourth quarter cash flow reached such a strong level. We remain committed to deploying cash to pay down debt and strengthening our balance sheet to prepare the company to fund future growth opportunities, while maintaining our long standing dividend increase record.”

“As we move into fiscal 2010, we will continue to manage our business for cash, while maintaining productivity levels and reducing inventories. Actions to reduce our workforce to align with customer order rates, a broad-based wage freeze, reduced work weeks and significantly reduced discretionary spending are anticipated to benefit us more fully in the year ahead. While many challenges and uncertainties await, our ability to respond reflects favorably on our management team and is a credit to the remarkable performance of Parker employees throughout our company. They have stepped up to the challenges presented to them with their capabilities, loyalty, perseverance and sacrifice.”

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Segment Results

In the Industrial North America segment, fourth-quarter sales declined 33.3 percent to $777.5 million, and operating income declined 67.0 percent to $53.7 million, compared with the same period a year ago. For the full year, Industrial North America sales declined 12.1 percent to $3.7 billion, and operating income declined 35.0 percent to $394.9 million, compared with fiscal 2008.

In the Industrial International segment, fourth-quarter sales declined 42.6 percent to $793.2 million, and the segment reported an operating loss of $5.7 million, compared with an operating profit of $213.0 million in the same period a year ago. For the full year, Industrial International sales declined 22.2 percent to $3.9 billion, and operating income declined 55.6 percent to $350.7 million, compared with fiscal 2008.

In the Aerospace segment, fourth-quarter sales decreased 11.5 percent to $451.1 million, and operating income declined 19.7 percent to $58.5 million, compared with the same period a year ago. For the full year, Aerospace sales increased 2.5 percent to $1.9 billion, and operating income increased 4.6 percent to $262.0 million, compared with fiscal 2008.

In the Climate & Industrial Controls segment, fourth-quarter sales declined 34.6 percent to $189.2 million, and the segment recorded an operating profit of $0.9 million, compared with an operating profit of $20.3 million in the same period a year ago. For the full year, Climate & Industrial Controls sales decreased 24.4 percent to $795.3 million, and the segment reported an operating loss of $3.7 million, compared with an operating profit of $59.5 million in fiscal 2008.

Orders

In addition to financial results, Parker also reported a decline of 38 percent in total orders for the quarter ending June 30, 2009, compared with the same quarter a year ago. Parker reported the following orders by operating segment:

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Outlook

For fiscal 2010, the company has issued guidance for earnings from continuing operations in the range of $1.25 to $1.75 per diluted share.

Washkewicz added, “In the year ahead, we will continue to focus on maintaining a strong balance sheet, managing for cash and managing our costs to a level consistent with reduced demand. We anticipate that conditions will not improve appreciably in our markets for the balance of this calendar year. However, near-term challenges aside, the actions that we continue to implement give me every confidence that we will emerge from this recession far stronger than we have ever been, poised to benefit significantly from the recovery.”

NOTICE OF CONFERENCE CALL: Parker Hannifin’s conference call and slide presentation to discuss its fiscal 2009 fourth-quarter and full year 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.

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With annual sales exceeding $10 billion in fiscal year 2009, 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 52,000 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, disputes regarding contract terms 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.

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PARKER HANNIFIN CORPORATION - JUNE 30, 2009

CONSOLIDATED STATEMENT OF INCOME

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PARKER HANNIFIN CORPORATION - JUNE 30, 2009

CONSOLIDATED BALANCE SHEET

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