MAYFIELD HEIGHTS, Ohio—Parker Hannifin Corp.'s sales and net income declined in the third quarter of fiscal 2016.
For the period ending March 31, sales decreased 11 percent to $2.83 billion, compared to $3.16 billion in fiscal 2015. Net income also decreased to $187.1 million compared to $285.5 million in 2015.
Chairman and CEO Tom Williams said the firm is on track to achieve its previously stated sales target while improving operating margins for the full fiscal year.
Sales decreased in both Parker segments. Its Diversified Industrial segment reported a 13 percent decrease in its North American sales to $1.25 billion with lower operating income at $202.2 million, compared to $235.5 million in 2015. International sales decreased 11 percent to $1.02 billion while operating income dropped to $105.2 million compared to $139.5 million last year.
The firm's Aerospace Systems segment reported a 2 percent decrease in sales to $561 million; however operating income increased to $84.2 million compared to $73.3 million in 2015.
Orders decreased by 9 percent in its Diversified Industrial North American business and by 6 percent in its Diversified Industrial International business. Orders increased 1 percent in the firm's Aerospace Systems segment.
Parker reported sales of about $13 billion in 2015 with operations in 50 countries.