Parker Hannifin has recorded first quarter net income down to US$195m from US$280m, with sales falling to US$2.87bn from US$3.27bn.

“Despite ongoing headwinds from a strong dollar and further weakness in key end markets that pressured sales, we delivered adjusted segment operating margins of 15.3%,” said Parker Hannifin CEO, Tom Williams.

“This type of margin performance is unprecedented in our recent history during previous down cycles and reflects the benefit of our prior year restructuring initiatives, rapid response on cost controls and savings resulting from our Simplification initiatives.

“Our previously announced restructuring initiatives for this year are underway to align costs with current demand and will position us well as the business environment improves.

“Simplification initiatives continue to expand as part of a broader effort to reduce complexity, increase speed, reduce costs and better serve our customers

“We also introduced the new Win Strategy, designed to take Parker’s performance to the next level as we target actions aimed at driving increased sales growth and achieving segment operating margins of 17% in the next five years.”