Parker Hannifin sales fall
Parker Hannifin Corporation reported fiscal 2015 fourth quarter sales were $3.14 billion, 10.8 percent lower than the $3.53 billion in the same period a year ago.
The maker of motion and control products said the decline reflected the effect of currency rate changes and weak end market demand.
Fiscal 2015 fourth quarter net income was $179.6 million, compared with $301.2 million in the prior year quarter. Fiscal 2015 fourth quarter earnings per share were $1.27, compared with $1.98 per share in the prior year quarter. Adjusted earnings per share were $1.43 in the fiscal 2015 fourth quarter, compared with $2.06 per share in the prior year quarter.
"We continue to feel the effects of changes in currency rates and have been taking actions to adjust to weak macro-economic and end market conditions," said Tom Williams, chief executive officer. "Despite the significant year over year sales decline, the company performed well with adjusted segment operating margins growing to 14.9 percent from 14.4 percent in fiscal 2014. We have seen a swift and meaningful drop in order rates in the second half of our fiscal year, and particularly in the fourth quarter. As communicated in April 2015, the company completed a voluntary early retirement program during the fourth quarter."
Fiscal 2015 full year sales were $12.7 billion, compared with $13.2 billion in fiscal 2014, primarily impacted by the effect of currency rate changes and weakening end market demand in the second half of the fiscal year. Net income for fiscal 2015 was $1.01 billion, compared with $1.04 billion in fiscal 2014. Fiscal 2015 earnings per share were $6.97, compared with $6.87 per share in fiscal 2014.
Diversified Industrial Segment: North American fourth quarter sales decreased 7 percent to $1.41 billion, and operating income was $228.9 million, compared with $268.7 million in the same period a year ago. International fourth quarter sales decreased 17 percent to $1.14 billion, primarily as a result of the effect of currency rate changes, and operating income was $118.1 million, compared with $137.9 million in the same period a year ago.
Aerospace Systems Segment: Fourth quarter sales decreased 5 percent to $589.2 million, and operating income was $93.5 million, compared with $104.9 million in the same period a year ago.
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