Parker reports 12% sales decline
Parker Hannifin Corporation reported fiscal 2016 first quarter sales were down 12% to $2.87 billion, compared with $3.27 billion in the prior year quarter.
Net income was $195.0 million compared with $280.2 million in the first quarter of fiscal 2015. Fiscal 2016 first quarter earnings per share were $1.41, compared with $1.85 in the prior year quarter. Adjusted earnings per share were $1.52, compared with $1.89 in the prior year quarter.
In the Diversified Industrial segment, North American first quarter sales decreased 13 percent to $1.3 billion, and operating income was $212.7 million compared with $264.2 million in the same period a year ago. International first quarter sales decreased 18 percent to $1.0 billion, the majority of the decline in sales was the result of foreign currency rate changes. International operating income was $129.3 million compared with $189.8 million in the same period a year ago.
In the Aerospace Systems segment, first quarter sales increased 2 percent to $544.6 million, and operating income was $74.0 million compared with $65.3 million in the same period a year ago.
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.
