The 2020 Mid-Year Economic Update_long

Parker Hannifin Sales Down 13.7% in 2Q

Year-to-date sales down 13 percent year-over-year.

Motion and control technology manufacturer Parker Hannifin Corp. (NYSE: PH), Cleveland, OH, reported sales for the fiscal second quarter ended Dec. 31 of $2.7 billion, down 13.7 percent year-over-year. Profit decreased 31.5 percent to $183.1 million.

"Continued weakness, stemming from natural resource related end markets such as oil and gas, construction, mining and agriculture, continues to impact sales and order rates," said CEO Tom Williams.

North American diversified industrial segment second quarter sales decreased 16 percent to $1.2 billion and international sales in this segment also decreased 16 percent to $1 billion.

Aerospace systems segment second quarter sales decreased 1 percent to $552.4 million.

Fiscal year to date sales were $5.6 billion, down 13 percent over the prior-year period. Profit decreased 31 percent to $378 million.

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