Exhibit 99.1

Stock Symbol: PH – NYSE

Parker Reports Strong Fiscal 2010 Fourth Quarter and Issues Guidance for Increased Earnings in Fiscal 2011

CLEVELAND, August 3, 2010 – Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today reported results for the fiscal 2010 fourth quarter and year ending June 30, 2010. Fiscal 2010 fourth quarter sales were $2.8 billion, an increase of 26.0 percent from $2.2 billion in the same quarter a year ago. Net income for the fourth quarter was $222.2 million, compared with $49.5 million in the fourth quarter of fiscal 2009. Earnings per diluted share for the quarter were $1.35, compared with $0.31 in last year’s fourth quarter. Cash flow from operations in the quarter was $377.4 million, or 13.5 percent of sales, compared with $413.1 million, or 18.7 percent of sales in the fourth quarter of fiscal 2009.

“Order levels continued to increase this quarter and showed broad-based improvements across segments and regions both sequentially and year over year,” said Chairman, CEO and President Don Washkewicz. “These contributed to the 27 percent increase in organic sales for the quarter, while foreign currency translation negatively impacted sales by 1 percent. Our total segment operating margin performance was particularly strong at 13.9 percent. Additionally, our Industrial North America segment margins reached 15.7 percent reflecting ongoing success in executing our Win Strategy.”

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Fiscal 2010 sales were $10.0 billion, a decline of 3.1 percent from $10.3 billion in the previous year. Fiscal 2010 net income increased 9.0 percent to $554.1 million from $508.5 million in fiscal 2009. Earnings per diluted share increased 8.6 percent to $3.40, compared with $3.13 in the previous year. Cash flow from operations for fiscal 2010 increased to $1.2 billion, or 12.2 percent of sales, compared with $1.1 billion, or 11.0 percent of sales in the prior year.

Reflecting on the year, Washkewicz added, “In fiscal year 2010, Parker employees responded decisively to the conditions in our global markets. Our actions allowed us to deliver on what we committed to our shareholders, which was to produce much improved performance late in the year as order levels improved. Throughout fiscal year 2010, economic circumstances focused our priorities on managing our business for cash, while maintaining balance sheet strength and targeting 10 percent total segment operating margins. We were successful across all of these measures. Fiscal 2010 highlighted how our Win Strategy allowed us to withstand the worst economic downturn in 60 years and still deliver much higher operating margin levels than at the lowest point in past recessions. Despite being slightly down on revenues, we generated increased operating margins, increased diluted earnings per share and increased cash flow from operations.”

Segment Results

In the Industrial North America segment, fourth-quarter sales increased 33.1 percent to $1.0 billion, and operating income was $162.9 million, compared with $53.7 million in the same period a year ago. For the full year, Industrial North America sales declined 3.0 percent to $3.6 billion, and operating income increased 23.3 percent to $487.1 million, compared with fiscal 2009.

In the Industrial International segment, fourth-quarter sales increased 30.4 percent to $1.0 billion, and operating income was $140.3 million, compared with a loss of $5.7 million in the same period a year ago. For the full year, Industrial International sales declined 2.2 percent to $3.8 billion, and operating income increased 12.4 percent to $394.1 million, compared with fiscal 2009.

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In the Aerospace segment, fourth-quarter sales increased 5.9 percent to $477.6 million, and operating income increased 9.5 percent to $64.1 million, compared with the same period a year ago. For the full year, Aerospace sales declined 7.4 percent to $1.7 billion, and operating income declined 20.6 percent to $208.0 million, compared with fiscal 2009.

In the Climate & Industrial Controls segment, fourth-quarter sales increased 27.0 percent to $240.3 million, and segment operating income was $20.5 million compared with an operating profit of $0.9 million in the same period a year ago. For the full year, Climate & Industrial Controls sales increased 2.4 percent to $814.0 million, and the segment reported an operating profit of $53.5 million, compared with an operating loss of $3.7 million in fiscal 2009.

Orders

Parker reported an increase of 35 percent in total orders for the quarter ending June 30, 2010, compared with the same quarter a year ago. The company reported the following orders by operating segment:

Outlook

For fiscal 2011, the company has issued guidance for earnings from continuing operations in the range of $3.60 to $4.40 per diluted share.

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Washkewicz added, “We are in a very strong position for the year ahead. Parker has clearly demonstrated its ability to generate strong incremental returns on increased revenues. Our focus will continue to be on executing the Win Strategy, and given our financial flexibility, we anticipate ongoing investments in research and development, international expansion, acquisitions and distribution to grow our business.”

NOTICE OF CONFERENCE CALL: Parker Hannifin’s conference call and slide presentation to discuss its fiscal 2010 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 at 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 www.phstock.com for one year after the call.

With annual sales of $10 billion in fiscal year 2010, 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 55,000 people in 46 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 www.parker.com, or its investor information web site at 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

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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, and changes in contract cost and revenue estimates for new development programs; 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 – JUNE 30, 2010

CONSOLIDATED STATEMENT OF INCOME

PARKER HANNIFIN CORPORATION – JUNE 30, 2010

CONSOLIDATED BALANCE SHEET