CLEVELAND (April 18)—Parker Hannifin Corp. recorded net income of $88.1 million in the third quarter ended March 31, down from $106.7 million reported in 2000. Sales for the period rose to $1.53 billion from $1.39 billion last year. Net income for the first nine months of the fiscal year came in at $291.4 million, up 14 percent from the $255.3 million reported last year. Sales rose to $4.47 billion from $3.88 billion last year. Spurred by the third-quarter drop, the company is cutting production and inventories in North America to "retain the strong cash flows that keep us fit for growth," said Duane Collins, Parker chairman and CEO.