Parker sales rise but income dips
Parker Hannifin Corporation said its fiscal 2014 third quarter sales increased 2 percent to $3.36 billion compared with $3.31 billion in the same quarter a year ago.
Net income was $242.5 million, or $1.60 earnings per diluted share, compared to $256.6 million, or $1.68, the prior year.
Excluding adjustments for restructuring expenses, net income for the quarter was $285.0 million, or $1.88 per diluted share.
"We are pleased to have delivered strong operating margins in the third quarter, particularly in our Diversified Industrial International businesses," said chairman, CEO and president, Don Washkewicz. "Our previously announced restructuring initiatives are proceeding ahead of plan, with $86 million in pretax expenses incurred fiscal year-to-date. In addition, the improved order growth trend is an encouraging sign for the remainder of this fiscal year."
Diversified Industrial Segment: North American third quarter sales increased 1.9 percent to $1.46 billion, and operating income was $243.0 million compared with $224.5 million in the same period a year ago.
Aerospace Systems Segment: Compared to the same period a year ago, third quarter sales decreased 5.6 percent to $545.7 million, but increased 2 percent adjusting for the impact of the previously announced joint venture between Parker Aerospace and GE Aviation.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
