CLEVELAND (April 17, 2009)—Parker Hannifin Corp.'s net income fell 79.1 percent in the third quarter of fiscal 2009 as net sales slumped 26.3 percent to $2.34 billion .
Net profits for the three-month period ending March 31 fell to $53.4 million, the Cleveland-based company reported.
The company's third-quarter results reflected the impact of the global recession, said Don Washkewicz, Parker chairman, CEO and president. Weakness in customer order trends that began in the second quarter continued through the third quarter across almost all markets, he said, leading to a 24-percent decline in organic sales.
The company continues to focus on adjusting its cost structure to reflect changing demand levels, maintaining a strong balance sheet, and managing for cash, Washkewicz said. The company's actions have included workforce reductions, a wage freeze, selected early retirement incentives, and a 10-percent reduction in global salaries.
Through nine months of fiscal 2009, sales dropped 8 percent from a year earlier to $8.1 billion, while net earnings fell 34.1 percent to $459 million.
Parker's rubber and elastomeric products include insulators, seals, gaskets, O-rings, spacers and washers, bushings, conductive extrusions, custom molded rubber shapes, hose products, and molded assemblies.