Third-quarter sales for Parker Hannifin Corporation, a producer of motion and control technologies, decreased 6% to $3.16 billion compared with $3.36 billion the same time last year, according to a company press release.
The results for the quarter ended March 31, 2015, report a net income of $285.5 million, marking an increase of 18% over net income from the third quarter of fiscal 2014.
Earnings per diluted share were $2.02, an increase of 26% over last year’s $1.60 in the third quarter; adjusted for restructuring expenses, the amounts are $2.06 and $1.88, respectively.
Cash flow from operations for the first 9 months of fiscal 2015 was $791.1 million, or 8.3% of sales, a 3% decrease from the previous year, according to the release.
“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,” Tom Williams, Parker Hannifin CEO, said in the release. “Segment operating margins were 14.2%, reflecting the benefits of our restructuring activities and the adaptability of our businesses to changing market conditions.”
North American sales for the third quarter decreased 1% to $1.44 billion, and operating income was $235.5 million compared with $243 million last year. International third-quarter sales decreased 15% to $1.15 billion, and operating income was $139.5 million compared to $126.9 million in the third quarter of 2014.
Parker Hannifin has revised guidance for earnings from contributing operations for the fiscal year ending June 30, 2015, to the range of $7.25 to $7.45 per diluted share, or $7.55 to $7.75 per diluted share on an adjusted basis.
“Our third-quarter order rates and unfavorable currency trends have had a significant influence on our outlook for the fourth quarter,” Williams said. “We are taking appropriate actions to respond to the current environment.”