The 2020 Mid-Year Economic Update_long

Parker Hannifin Sales Down 0.8% in FY2013

Fourth-quarter sales increased 0.6 percent.

Parker Hannifin Corp. (NYSE: PH), Cleveland, OH, manufacturer in motion and control technologies, reported sales for fiscal 2013 ended June 30 of $13 billion, a decrease of 0.8 percent compared to the same period a year ago. Profit decreased 17.9 percent to $948.8 million.

For the fourth quarter, sales for Parker Hannifin were $3.4 billion, an increase of 0.6 percent compared to the same period a year ago. Profit decreased 10.3 percent to $271.1 million.

In industrial North America, fourth-quarter sales decreased 2.6 percent to $1.3 billion, and operating income was $225.1 million compared with $249.1 million in the same period a year ago. 

In industrial international, sales increased 3.3 percent to $1.3 billion, and operating income was $156.2 million compared with $163.9 million in the same period a year ago.

In aerospace, sales for the fourth quarter increased 9.5 percent to $620 million, and operating income was $86.1 million compared with $85.3 million in the same period a year ago.

In climate and industrial controls, sales decreased 16.3 percent to $224.6 million, and operating income was $31.1 million compared with $31.5 million in the same period a year ago. These results reflect the impact of business divestitures completed in fiscal 2013.

"Our current outlook is that throughout fiscal 2014, global macro-economic conditions will remain relatively flat. As a result, we plan to spend approximately $100 million to right size our global operations, which we believe is prudent given these conditions. We will continue to manage our business accordingly while executing the Win Strategy by investing in new product development, expansion in emerging markets, and acquisitions to strengthen our portfolio,” said CEO and President Don Washkewicz.

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