Parker Hannifin Corp., Cleveland, OH, a manufacturer of motion and control technologies, reported sales of $2.3 billion for its fiscal year 2009 third quarter ended March 31, down 26.3% from the same quarter a year ago. Profit declined 79.1% to $53.4 million. Results include expenses related to legal proceedings associated with the company’s Parker ITR subsidiary, which were largely offset by an ITR related net tax benefit.
"Third quarter results reflect the impact of the global recession," CEO and President Don Washkewicz said. "Weakness in customer order trends that began in the second quarter continued through the third quarter across almost all markets.
The company has already implemented a series of cost-reduction measures, including …
Parker Hannifin 3Q Sales Down 26.3%
Parker Hannifin Corp., Cleveland, OH, a manufacturer of motion and control technologies, reported sales of $2.3 billion for its fiscal year 2009 third quarter ended March 31, down 26.3% from the same quarter a year ago. Profit declined 79.1% to $53.4 million. Results include expenses related to legal proceedings associated with the company’s Parker ITR subsidiary, which were largely offset by an ITR related net tax benefit.
"Third quarter results reflect the impact of the global recession," CEO and President Don Washkewicz said. "Weakness in customer order trends that began in the second quarter continued through the third quarter across almost all markets.
The company has already implemented a series of cost-reduction measures, including …
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