Parker earnings increase amid sales decline

Mayfield Heights, Ohio—Parker Hannifin Corp. has reported a 6-percent decrease in sales, but an 18-percent increase in net income for the third quarter of fiscal 2015, the company said on 28 April.

Sales came in at $3.16 billion (€4.5 billion) while net income increased to $285.5 million compared to $242.5 million in fiscal 2014, the firms said.

“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,” CEO Tom Williams said in a statement.

Sales in Parker’s Diversified Industrial Segment decreased 1 percent to $1.44 billion with operating income of $235.5 million compared to $243 million in 2014. International sales decreased 15 percent to $1.15 billion.

Parker’s Aerospace Systems Segment reported a 5 percent increase in sales to $572.4 million with operating income of $73.3 million, compared to $64 million in 2014.

Parker said it completed share repurchases of $477 million in the quarter with fiscal year 2015 share repurchases, as of March 31, at $1.34 billion.

Parker is a global manufacturer of motion and control technologies and systems with 57,500 employees in 50 countries. The firm reported sales of $13 billion in fiscal 2014.