Parker sales decline 4.5 percent
Parker Hannifin reported fiscal 2017 first quarter sales were $2.74 billion, compared with $2.87 billion in the prior year quarter, a decline of 4.5 percent.
Net income increased 8% to $210.2 million compared with $195.0 million in the first quarter of fiscal 2016. Fiscal 2017 first quarter earnings per share increased 10% to $1.55, compared with $1.41 in the prior year quarter.
“Despite a decline in sales, we were able to deliver strong decremental marginal return on sales and segment operating margins of 15.0%, reflecting improved performance in the Industrial segment," said chairman and chief executive officer, Tom Williams. "Net income, earnings per share and operating cash-to-sales also increased from the same quarter a year ago. Quarterly order rates turned positive for the first time since the December 2014 quarter, reinforcing our previous view that we are progressing towards stabilization in many of our key end markets.”
Diversified Industrial Segment: North American first quarter sales decreased 9 percent to $1.2 billion, and operating income was $200.6 million compared with $212.7 million in the same period a year ago. International first quarter sales decreased 2 percent to $1.0 billion. International operating income was $137.2 million compared with $129.3 million in the same period a year ago.
Aerospace Systems Segment: First quarter sales increased 3 percent to $561.2 million, and operating income was $73.3 million compared with $74.0 million in the same period a year ago.