Motion and control technology manufacturer Parker Hannifin Corp. (NYSE: PH), Cleveland, OH, reported sales for the first quarter of $3.3 billion, up 1.4 percent year over year. Profit increased 14.6 percent to $280.1 million.
"We are off to a very strong start in fiscal year 2015 reinforcing our positive view on the year," said Don Washkewicz, president and CEO. "As a result of the restructuring activities we engaged in last year, we are beginning to see stronger year-over-year segment operating margin performance, which reached 15.9 percent this quarter, or 16.1 percent adjusted."
North American diversified industrial segment first-quarter sales increased 6 percent to $1.5 billion, while international sales in this segment decreased 1 percent to $1.3 billion.
Aerospace systems segment first-quarter sales decreased 6 percent to $534.6 million, reflecting the impact of the previously announced joint venture between Parker Aerospace and GE Aviation.