Motion and control technology manufacturer Parker Hannifin Corp. (NYSE: PH), Cleveland, OH, reported sales for the fiscal third quarter ended March 31 of $3.2 billion, down 6 percent year-over-year. Profit increased 18 percent to $285.5 million.
"We performed well in the face of an increasingly challenging macro-economic environment, including weakness in key end markets, as well as the significant strengthening of the U.S. dollar," said CEO Tom Williams. "Segment operating margins were 14.2 percent, reflecting the benefits of our restructuring activities and the adaptability of our businesses to changing market conditions."
North American diversified industrial segment third quarter sales decreased 1 percent to $1.4 billion, while international sales in this segment decreased 15 percent to $1.2 billion.
Aerospace systems segment third quarter sales increased 5 percent to $572.4 million.
For the first nine months of the fiscal year, sales were $9.6 billion, down 1.3 percent over the prior-year period. Profit increased 12.5 percent to $832.7 million.