Parker-Hannifin's third-quarter earnings drop 50 percent

CLEVELAND (Nov. 15)—Parker-Hannifin Corp.'s net earnings fell 51.5 percent to $60.6 million from net income during the same quarter of 2000. The manufacturer's net sales decreased only slightly to $1.48 billion from $1.49 billion the year before. However, without acquisitions and the inclusion of the results from businesses previously classified as assets held for sale, Parker's net sales would have dropped 11.4 percent. In a filing with the Securities and Exchange Commission, Parker attributed the decreased sales to lower volumes in the Industrial North America operations and said it would continue to take the necessary actions "to appropriately structure" its industrial operations to the current economic environment. During the quarter, Parker-Hannifin repurchased 85,000 shares of its common stock at an average price of $33.59 per share. The company also paid $300 million during the same period for Dana Corp.'s Chelsea Products Division, a supplier of power take-offs and related auxiliary power devices for medium and heavy-duty equipment; Eaton Corp.'s Aeroquip Air Conditioning and Refrigeration business; and the assets of Dayco Industrial.