CLEVELAND—Parker Hannifin Corp. reported a 17.9 percent decline net income on a 10.6-percent falloff in sales in the third quarter of fiscal 2013, although operating margins remained strong in a fairly weak global economy.
The firm said net profits for the three-month period fell to $256.6 million on sales of $3.03 billion.
"The fundamentals of our business remain very strong despite a mediocre global economic environment," said Parker chairman, president and CEO Don Washkewicz, Parker Hannifin chairman, president and CEO. "I am particularly pleased that we were able to deliver such strong total segment operating margins of 14 percent this quarter."
Sales in three of the four company segments—Industrial North America, Industrial International and Climate and Industrial Controls—decreased in the third quarter.