LOCAL BUSINESS
Income up at Parker Hannifin
Motion and control technology manufacturer Parker Hannifin Corp. of Cleveland reported Thursday it earned $302.3 million, or $1.96 a share, on sales of $3.4 billion for the fourth quarter. Net income was up 2.6 percent from $294.7 million a year ago; earnings per share were up 9.5 percent from $1.79 last year.
For fiscal 2012, Parker Hannifin earned a record $1.2 billion, or $7.45 a share, on sales of $13.1 billion. Revenue was up 6.5 percent from $12.3 billion in 2011 while earnings were up 17 percent from $6.37 in 2011.
The company, which has operations in the greater Akron area, said it expects another record year in 2013, with $7.10 to $7.90 in earnings from continuing operations for the year.
70 new jobs planned in Akron
Coleman Data Solutions in Akron is looking to hire disabled veterans and other people with disabilities after receiving a $5 million contract to provide document imaging services for the U.S. Customs and Border Protection Agency.
Coleman is the social enterprise unit of Kent-based nonprofit Coleman Professional Services. At least 80 percent of Coleman Data Solutions’ work force is disabled, the company said.
Coleman Data said it will hire 14 full-time equivalent employees by September and an additional 56 full-time equivalent employees by November. The business is looking to hire people with imaging, data entry and mail-room expertise. Applicants must pass federal security clearance.
At least 75 percent of new employees must be identified as disabled as defined in the contract.
For more information, go online to www.coleman-professional.com or to www.coleman-data.com; email Chad Byer at chad.byer@coleman-data.com or call 330-983-0817.
Natural gas price inches up
The monthly natural gas price for customers who have chosen Dominion’s Standard Choice Offer (SCO) or those who don’t choose their own supplier is going up slightly for August. However, the price is still 32.8 percent lower than a year ago.
Effective Aug. 10, the identical SCO and Standard Service Offer (SSO) prices will be $3.61 per thousand cubic feet (mcf). The new rates are 24 cents, or 7.1 percent, higher than the July SCO/SSO price of $3.37/mcf, and $1.70/mcf lower than the August 2011 SSO/SCO price of $5.37/mcf.
Under the new filing, the average SCO/SSO on a residential customer’s bill for the month of August 2012 would be $30.83, down $2.01 or 6.1 percent, from $32.84 in August 2011.
Residential customers pay the same usage-based charges (to deliver gas to a residence) and monthly service fee, regardless of whether customers choose their own supplier or stay with Dominion. That flat fee, approved by the Public Utilities Commission of Ohio, is $20.95.
New executive at FirstMerit
Akron-based FirstMerit Corp. named Michael G. Robinson as executive vice president of Wealth Management Services. Before joining FirstMerit, he spent 27 years at JPMorgan Chase where he held a number of leadership roles within the company’s wealth management business.
Robinson reports directly to Paul G. Greig, bank chairman, president and CEO.
REAL ESTATE
Mortgage rate rises slightly
The average U.S. rate on the 30-year fixed mortgage rose this week after falling to new record lows in each of the past 13 weeks. Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan jumped to 3.55 percent. That’s up from 3.49 percent last week, which was the lowest since long-term mortgages began in the 1950s. The average rate on the 15-year fixed mortgage, a popular refinancing option, increased to 2.83 percent. That’s above last week’s record low of 2.80 percent.
Compiled from staff and wire reports