Exhibit 99.1

Stock Symbol: PH – NYSE

Parker Reports Fiscal 2010 Third Quarter Results and Raises Guidance for the Year

CLEVELAND, April 20, 2010 – Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today reported results for the fiscal 2010 third quarter ending March 31, 2010. Fiscal 2010 third quarter sales were $2.6 billion, an increase of 11.0 percent compared with the second quarter of fiscal 2010 and an increase of 11.5 percent from $2.3 billion in the third quarter a year ago. Fiscal 2010 third quarter net income was $153.9 million, an increase of 47.2 percent compared with the second quarter of fiscal 2010 and an increase of 188.0 percent compared with $53.4 million in the third quarter of fiscal 2009. Fiscal 2010 third quarter earnings per diluted share were $0.94, an increase of 46.9 percent from the second quarter of fiscal 2010 and an increase of 183.4 percent compared with $0.33 in the third quarter a year ago. Cash flow from operations for the first nine months of fiscal 2010 was $841.4 million, or 11.7 percent of sales, compared with $716.1 million, or 8.8 percent of sales in the same prior year period.

“It is very encouraging to see that performance continues to trend in the right direction with sequential improvements in sales and earnings for the third consecutive quarter, as well as a year-over-year increase in sales and earnings,” said Chairman, CEO and President Don Washkewicz. “Year-over-year organic sales in the

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quarter increased 7.9 percent and currency translation positively impacted sales by 3.6 percent. The company’s continuing actions to restructure operations and control costs are yielding strong results in this recovering economy. Segment operating margins were 11.8 percent for the quarter, while incremental marginal return on sales, reflecting the change in operating profit as a percentage of the change in sales, was 51.6 percent this quarter. Year-to-date operating cash flow as a percentage of sales was well above our 10 percent target and this was after a $100 million discretionary contribution to the company’s pension plan.

“Order levels are improving across most of our markets and regions, which give us confidence that the global economic recovery is sustainable. Current demand levels will support continued positive financial performance for the remainder of the fiscal year. The company will continue to focus on driving margin performance, generating strong cash flow and serving our customers globally.”

Segment Results

In the Industrial North America segment, third quarter sales increased 11.9 percent to $958.6 million, and operating income increased 82.8 percent to $133.6 million, compared with the same period a year ago.

In the Industrial International segment, third quarter sales increased 18.9 percent to $995.2 million, and operating income increased 185.6 percent to $109.3 million compared with the same period a year ago.

In the Aerospace segment, third quarter sales declined 6.4 percent to $449.2 million, and operating income declined 24.2 percent to $49.8 million, compared with the same period a year ago. Aerospace results were primarily impacted by lower commercial MRO sales and continued weakness in the business and regional aircraft markets.

In the Climate & Industrial Controls segment, third quarter sales increased 23.9 percent to $211.8 million, and operating income increased 321.2 percent to $16.3 million, compared with the same period a year ago.

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Orders

Parker reported an increase of 23 percent in total orders for the quarter ending March 31, 2010, compared with the same quarter a year ago. The company reported the following orders by operating segment:

Outlook

For fiscal 2010, the company increased its guidance for earnings from continuing operations to the range of $2.95 to $3.15 per diluted share.

Washkewicz added, “We anticipate closing the year strongly and look forward to a more stable environment in the next fiscal year. Reflecting on performance during the deepest global recession since the great depression of the 1930’s, I am extremely proud of Parker Hannifin employees around the world. Not only did their dedication to our Win Strategy help prepare us for the downturn, but their decisive actions to manage through the recession and emerge even stronger are a credit to their tenacity and focus. Thanks to the strong cash flow our employees have helped generate, we were able to voluntarily allocate $100 million to their pension fund assets this quarter. We also have been effective in raising margin performance at the bottom of each of the last three recessions. Looking ahead to the coming years, our employees have a renewed focus on targeting new heights for financial performance and growth as the global economic recovery unfolds. Reflecting confidence in our outlook, last week our Board approved an increase in our dividend for the 54^th consecutive fiscal year.”

NOTICE OF CONFERENCE CALL: Parker Hannifin’s conference call and slide presentation to discuss its fiscal 2010 third quarter results are available to all interested parties via live webcast today at 9:00 a.m. ET, on

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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. A replay of the conference call will also be available at http://www.phstock.com for one year after the call.

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 54 consecutive fiscal 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 web 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 for 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 economic environment, 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, suppliers or distributors, 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; ability to realize anticipated cost savings from business realignment actions; 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 insurance and employee retirement and health care benefits; 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.

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PARKER HANNIFIN CORPORATION – MARCH 31, 2010

CONSOLIDATED STATEMENT OF INCOME

(Unaudited)

PARKER HANNIFIN CORPORATION – MARCH 31, 2010

CONSOLIDATED BALANCE SHEET

(Unaudited)