The 2020 Mid-Year Economic Update_long

Parker Hannifin Sales Up 1.5% in Fiscal 2014

Fourth-quarter sales up 3 percent year-over-year.

Motion and control technology manufacturer Parker Hannifin Corp. (NYSE: PH), Cleveland, OH, reported sales for the fiscal year 2014 ended June 30 of $13.2 billion, up 1.5 percent from 2013. Profit increased 9.7 percent to $1 billion.

"Fiscal 2014 was a transitional year as we worked through the most significant restructuring in our history," said Don Washkewicz, president and CEO."In fiscal year 2015, we anticipate generally stable macroeconomic conditions."

Sales for the fourth quarter were $3.5 billion, up 3 percent year-over-year. Profit increased 11.1 percent to $301.2 million.

North American diversified industrial segment fourth-quarter sales increased 4 percent to $1.5 billion, while international sales in this segment increased 3.1 percent to $1.4 billion.

Aerospace systems segment fourth-quarter sales were essentially flat at $617.6 million, reflecting the impact of the previously announced joint venture between Parker Aerospace and GE Aviation.

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