Parker Hannifin Corp. (NYSE: PH), Cleveland, OH, manufacturer in motion and control technologies, reported sales for the fiscal 2013 third quarter ended March 31 of $3.3 billion, down slightly from the prior-year quarter. Acquisitions contributed 4 percent, offset by a 6 percent decline in organic sales.
Profit for the quarter was $256.6 million.
"The fundamentals of our business remain very strong despite a mediocre global economic environment," said CEO and President, Don Washkewicz. "I am particularly pleased that we were able to deliver such strong total segment operating margins of 14 percent this quarter."
In Industrial North America, third-quarter sales decreased 2.4 percent to $1.28 billion, and operating income was $209 million compared with $227 million in the same period a year ago.
In Industrial International, third-quarter sales decreased 3.5 percent to $1.24 billion, and operating income was $152.3 million compared with $195.1 million in the same period a year ago.
In Aerospace, third-quarter sales increased 6.5 percent to $578 million, and operating income was $80.1 million compared with $65.9 million in the same period a year ago.
In Climate and Industrial Controls, third-quarter sales decreased 18 percent to $203.9 million, and operating income was $21.3 million compared with $23.2 million in the same period a year ago. These results reflect the impact of a business divestiture in the fiscal 2013 second quarter.
Orders
Parker reported a decrease of 7 percent in orders for the quarter ending March 31, 2013, compared with the same quarter a year ago. The company reported the following orders:
- Orders declined 10 percent in Industrial North America compared with the same quarter a year ago.
- Orders declined 7 percent in Industrial International compared with the same quarter a year ago.
- Orders were unchanged in Aerospace on a rolling 12-month average basis.
- Orders declined 1 percent in Climate and Industrial Controls compared with the same quarter a year ago.
Washkewicz said: "We are not anticipating any meaningful change in global economic conditions through the remainder of the fiscal year."
With annual sales of more than $13 billion in fiscal year 2012, Parker Hannifin is a diversified manufacturer of motion and control technologies and systems. The company employs 60,000 people in 48 countries.
