Parker Reports Monthly Orders Trend
Parker Hannifin Corporation reported orders for the month of May in the company's industrial and aerospace segments.
In the North American Industrial segment, orders remain very strong despite tough year-over-year comparisons. The company continues to note strong demand in heavy-duty truck, construction, farm and agriculture, mining, and oil & gas markets; and continued weak demand in automotive and semiconductor markets. In the Rest-of-World Industrial segment, the company noted weakness in agriculture. In CIC, order results can be attributed to increased demand in refrigeration and air conditioning.
In Aerospace, both commercial OEM and aftermarket orders continue to gain momentum. Defense remains strong.
Orders provide near-term perspective on the company's outlook, but are not in themselves an indication of future performance. All comparisons are at constant currency exchange rates, with the prior year restated to the current- year rates. All exclude acquisitions until they can be reflected in both the numerator and denominator. Aerospace comparisons are rolling 12-month average computations to mitigate volatility within monthly figures.
Source: Parker Hannifin Corp