Parker Hannifin Corporation
Quarterly Earnings Release
4th Quarter & Total FY2009
July 30, 2009
Exhibit 99.2

Slide 2
Forward-Looking Statements
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.

Slide 3
Non-GAAP Financial Measure
This presentation reconciles sales amounts reported in accordance
with U.S. GAAP to sales amounts adjusted to remove the effects of
acquisitions made within the prior four quarters as well as the effects
of
currency
exchange
rates
on
sales.
The
effects
of
acquisitions
and
currency exchange rates are removed to allow investors and the
company to meaningfully evaluate changes in sales on a comparable
basis from period to period.

Slide 4
Discussion Agenda
CEO 4   Quarter Highlights
Key Performance Measures & Outlook
Questions & Answers
CEO Closing Comments
th

Slide 5
Fourth Quarter & YTD Highlights
Q4 FY09:
Record Operating Cash Flow/Sales of 18.7%
Operating Cash Flow/Net Income of 834%
Marginal Return on Sales of 32% Includes the Effect of
Acquisitions, Inventory Reduction and Realignment
YTD FY09:
Cash Flow YTD of $1.1 Billion (11.0% of Sales) 
Inventory/Sales Reduced to 12.2% (Remains In Line with
FY08
)

Slide 6
Financial Highlights
Diluted Earnings per Share
4   Quarter and Total Year
th
$5.53
$3.13
$.31
$1.47
$.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
Q4 FY09
Q4 FY08
FY09
FY08

Slide 7
Influences on 4   Quarter Earnings
Diluted Earnings Per Share Decreased Y-O-Y as a
Result of:
Lower Sales (34%) Due To A Recession Driven Decline In
Nearly All Markets
Realignment Expenses of $15M
Inventory Reductions of $81M
Offset by:
Lower Corporate, General and Administrative Expenses of
$30M
Lower “Other”
Expense of $41M, Partially Due to a LIFO
Inventory Gain of $19.5M
Lower Tax Expense Due to Decreased Income
Fewer Shares Outstanding
th

Slide 8
Financial Highlights
Sales
4   Quarter and Total Year
th
Dollars in millions
FY2009
%
Change
FY2008
FY2009
%
Change
FY2008
Sales
As reported
2,211
$
(33.9)%
3,347
$ 
10,309
$
(15.1)%
12,146
$
Acquisitions
89
2.7 %
539
4.5 %
Currency
(153)
(4.6)%
(491)
(4.1)%
Adjusted Sales
2,275
$
(32.0)%
10,261
$
(15.5)%
4th Quarter
Total Year

Slide 9
Segment Reporting
Industrial North America
Dollars in millions
FY2009
%
Change
FY2008
FY2009
%
Change
FY2008
Sales
As reported
778
$  
(33.3)%
1,166
$ 
3,735
$ 
(12.1)%
4,250
$ 
Acquisitions
30
2.6 %
271
6.4 %
Currency
(12)
(1.1)%
(51)
(1.2)%
Adjusted Sales
760
$  
(34.8)%
3,515
$ 
(17.3)%
Operating Margin
As reported
54
$     
163
$    
395
$     
608
$     
% of Sales
6.9 %
14.0 %
10.6 %
14.3 %
Total Year
4th Quarter

Slide 10
Segment Reporting
Industrial International
Dollars in millions
FY2009
%
Change
FY2008
FY2009
%
Change
FY2008
Sales
As reported
793
$   
(42.6)%
1,382
$  
3,896
$  
(22.2)%
5,006
$  
Acquisitions
59
        
4.2 %
250
        
5.0 %
Currency
(124)
    
(8.9)%
(386)
       
(7.7)%
Adjusted Sales
858
$   
(37.9)%
4,032
$  
(19.5)%
Operating Margin
As reported
(6)
$       
213
$     
351
$      
789
$      
  % of Sales
(0.7)%
15.4 %
9.0 %
15.8 %
4th Quarter
Total Year

Slide 11
Segment Reporting
Aerospace
Dollars in millions
FY2009
%
Change
FY2008
FY2009
%
Change
FY2008
Sales
As reported
451
$   
(11.5)%
510
$     
1,883
$  
2.5 %
1,838
$  
Acquisitions
18
          
1.0 %
Currency
(6)
         
(1.1)%
(18)
         
(1.0)%
Adjusted Sales
457
$   
(10.4)%
1,883
$  
2.5 %
Operating Margin
As reported
58
$      
73
$        
262
$      
251
$      
  % of Sales
13.0 %
14.3 %
13.9 %
13.6 %
4th Quarter
Total Year

Slide 12
Segment Reporting
Climate & Industrial Controls
Dollars in millions
FY2009
%
Change
FY2008
FY2009
%
Change
FY2008
Sales
As reported
189
$   
(34.6)%
289
$     
795
$      
(24.4)%
1,051
$  
Acquisitions
Currency
(11)
       
(3.8)%
(36)
         
(3.4)%
Adjusted Sales
200
$   
(30.8)%
831
$      
(21.0)%
Operating Margin
As reported
1
$        
20
$        
(4)
$         
59
$        
  % of Sales
0.5 %
7.0 %
(0.5)%
5.7 %
4th Quarter
Total Year

Slide 13
Parker Order Rates
Excludes Acquisitions & Currency
3-month year-over-year comparisons of total dollars, except Aerospace
Aerospace is calculated using a 12-month moving average
FY09
FY08
JUN
MAR
JUN
MAR
Total Parker
38 %
-
34 %
-
8 %
+   
9 %
+   
Industrial North America
40 %
-
35 %
-
4 %
+   
2 %
+   
Industrial International
43 %
-
41 %
-
8 %
+   
11 %
+ 
Aerospace
22 %
-
12 %
-
23 %
+ 
28 %
+ 
Climate & Industrial Controls
31 %
-
36 %
-
7 %
-
1 %
-
Three
Month
Rolling
at
Period
End

Slide 14
Balance Sheet Summary
Cash
Working capital
-
Inventory
-
Accounts receivable
-
Accounts payable
Pension Plan
-
Plan not at risk
-
Credit Balance carryover

Slide 15
Strong Cash Flow
Cash from Operating Activities
4   Quarter Total Year
th
$1,317
$1,129 
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
$1,000
$1,100
$1,200
$1,300
$1,400
$1,500
FY09
FY08
18.7% Q4
$413M

Slide 16
Financial Leverage
35.2% 
Debt to Debt Equity
(33.3% net Debt)
Debt to Debt Equity
35.2%
16.0%
18.0%
20.0%
22.0%
24.0%
26.0%
28.0%
30.0%
32.0%
34.0%
36.0%
38.0%
40.0%
42.0%
FY00
FY01
FY02
FY03
FY04
FY05
FY06
FY07
FY08
FY09 YTD

Slide 17
FY 2010  Earnings Outlook Assumptions
Segment Sales & Operating Margins
  FY 2010 Sales change versus FY 2009
  Industrial North America
(6.7)%
  -- 
(11.5)%
  Industrial International
(11.7)%
  -- 
(16.2)%
  Aerospace
(5.7)%
  -- 
(6.6)%
  Climate & Industrial Controls
(10.1)%
  -- 
(13.1)%
  FY 2010 Operating margin percentages
  Industrial North America
9.0 %
  -- 
9.4 %
  Industrial International
4.0 %
  -- 
4.6 %
  Aerospace
11.5 %
  -- 
11.7 %
  Climate & Industrial Controls
2.1 %
  -- 
2.9 %

Slide 18
FY 2010 Earnings Outlook Assumptions
below Operating Margin
Corporate Admin
(8)% to  11.0%  vs. FY 2009
Interest Expense
(6)%  to + 3%  vs.  FY 2009
Other Expense (Inc.) 
12%  to  +25%  vs.  FY 2009
Tax Rate
30 %

Slide 19
Earnings Outlook –
FY10
Low
High
Diluted earnings per share
$1.25
$1.75

Slide 20
Questions & Answers...

Appendix
Income Statements
4   Quarter FY2009
Total Year  FY2009
th

Slide 22
Income Statement –
4   Quarter
th
Dollars in millions
% of Sales
% of Sales
Net Sales
2,211.0
$ 
100.0
3,346.8
$ 
100.0
Cost of sales
1,814.1
82.0
2,575.4
77.0
Gross profit
396.9
18.0
771.4
23.0
S, G & A
302.5
13.6
373.1
11.1
Interest expense
25.3
1.2
25.0
.7
Other expense (income), net
4.8
.2
18.4
.6
Income before taxes
64.3
2.9
354.9
10.6
Income taxes
14.8
.7
102.3
3.1
Net income
49.5
$       
2.2
252.6
$    
7.5
FY 2009
FY 2008
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%

Slide 23
Income Statement –
Total Year
Dollars in millions
% of Sales
% of Sales
Net Sales
$10,309.0
100.0
100.0
Cost of sales
8,181.3
79.4
9,339.1
76.9
Gross profit
2,127.7
20.6
2,806.5
23.1
S, G & A
1,290.4
12.5
1,364.1
11.2
Interest expense
112.1
1.1
99.0
.8
Other expense (income), net
43.8
.4
16.9
.1
Income before taxes
681.4
6.7
1,326.5
10.9
Income taxes
172.9
1.7
377.0
3.1
Net income
508.5
$     
4.9
949.5
$    
7.8
FY 2009
FY 2008
$12,145.6
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%