Parker Hannifin Corp. (NYSE: PH), Cleveland, OH, diversified manufacturer in motion and control technologies, reported sales for the fiscal 2010 third quarter ended March 31, 2010, were $2.6 billion, an increase of 11% from the second quarter and an increase of 11.5% from the third quarter a year ago.

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Third quarter profit was $153.9 million, an increase of 47.2% compared with the second quarter of fiscal 2010 and an increase of 188% compared with $53.4 million in the third quarter of fiscal 2009.

Year-over-year organic sales in the quarter increased 7.9%.

CEO and President Don Washkewicz said: "The company's continuing actions to restructure operations and control costs are yielding strong results in this recovering economy. Segment operating margins were 11.8% for the quarter, while incremental marginal return on sales, reflecting the change in operating profit as a percentage of the change in sales, was 51.6% this quarter. … Order levels are improving across most of our markets and regions, which give us confidence that the global economic recovery is sustainable. Current demand levels will support continued positive financial performance for the remainder of the fiscal year."

In the Industrial North America segment, third quarter sales increased 11.9% to $958.6 million, and operating income increased 82.8% to $133.6 million, compared with the same period a year ago.

In the Industrial International segment, third quarter sales increased 18.9% to $995.2 million, and operating income increased 185.6% to $109.3 million compared with the same period a year ago.

In the Aerospace segment, third quarter sales declined 6.4% to $449.2 million, and operating income declined 24.2% to $49.8 million, compared with the same period a year ago. Aerospace results were primarily impacted by lower commercial MRO sales and continued weakness in the business and regional aircraft markets.

In the Climate & Industrial Controls segment, third quarter sales increased 23.9% to $211.8 million, and operating income increased 321.2% to $16.3 million, compared with the same period a year ago.

Parker reported an increase of 23% in total orders for the quarter ending March 31, 2010, compared with the same quarter a year ago. The company reported the following orders by operating segment:

• Orders increased 30% in the Industrial North America segment.
• Orders increased 42% in the Industrial International segment.
• Orders declined 22% in the Aerospace segment on a rolling 12-month average basis.
• Orders increased 38% in the Climate and Industrial Controls segment.