Motion and control technology manufacturer Parker Hannifin Corp. (NYSE: PH), Cleveland, OH, reported sales for fiscal year ended June 30 of $12.7 billion, down 3.8 percent from 2014. Profit was flat at $1 billion.
"We continue to feel the effects of changes in currency rates and have been taking actions to adjust to weak macro-economic and end market conditions," said Tom Williams, CEO.
Sales for the fourth quarter were $3.1 billion, down 10.8 percent year-over-year. Profit decreased 40.4 percent to $179.5 million.
North American diversified industrial segment fourth-quarter sales decreased 7 percent to $1.4 billion, while international sales in this segment decreased 17 percent to $1.1 billion. Aerospace systems segment fourth-quarter sales decreased 5 percent to $589.2 million.