CLEVELAND—Parker Hannifin Corp.'s net income for the third quarter of its fiscal 2014 experienced a slight decrease to $242.5 million, down $14.1 million from 2013.
The firm reported a 2 percent increase in sales to $3.36 billion for the third fiscal quarter.
Parker attributed the slight drop in net income to restructuring expenses, when adjusted net income was $285 million.
“We are pleased to have delivered strong operating margins in the third quarter, particularly in our diversified industrial international businesses,” said Don Washkewicz, chairman CEO and president. “Our previously announced restructuring initiatives are proceeding ahead of plan, with $86 million in pretax expenses incurred fiscal year-to-date.”
Parker reported an increase of 7 percent in orders for the quarter, which Washkewicz said is an encouraging sign for the remainder of the year.
The firm's diversified industrial segment increased its North American sales 1.9 percent to $1.46 billion. Its international sales increased 4.4 percent to $1.36 billion.
Parker's aerospace systems segment's sales decreased 5.6 percent to $545.7 million. However, when adjusting for the impact of a previously announced joint venture between Parker Aerospace and GE Aviation, sales increased 2 percent.