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Motion and control technology manufacturer Parker Hannifin Corp. (NYSE: PH), Cleveland, OH, reported sales for the fiscal third quarter ended March 31 of $3.4 billion, up 1.5 percent year-over-year. Profit dropped 5.5 percent to $242.5 million.
"We are pleased to have delivered strong operating margins in the third quarter, particularly in our diversified industrial international businesses," said Don Washkewicz, president and CEO. "In addition, the improved order growth trend is an encouraging sign for the remainder of this fiscal year."
North American third-quarter diversified industrial segment sales increased 1.9 percent year-over-year to $1.5 billion. International sales for the segment increased 4.4 percent to $1.4 billion.
Third-quarter aerospace systems sales decreased 5.6 percent to $545.7 million.
For the first nine months of the fiscal year, sales were $9.7 billion, up 1 percent over the prior-year period. Profit increased 9.3 percent to $740 million.