Parker Hannifin Corp. Tuesday reported increases in orders for the month of May in the company's Industrial, Aerospace, and Climate and Industrial Control segments. Parker derives orders from a wide variety of global end markets which the company serves directly and through a collaborative network of thousands of distributor locations.
Orders for the North American Industrial business increased 11% over the same month last year. Orders remain strong in heavy duty truck, off highway construction, power generation, process, semiconductor, and MRO. Rest-of-World Industrial orders increased 16%. Europe and Asia were strong while Latin America was soft. Parker Aerospace reported a 12% increase in orders on a rolling 12-month basis. Commercial OEM and MRO markets remain strong. In the Climate and Industrial Controls segment, order rates increased 17% compared to last year, lead by heavy duty truck, commercial refrigeration, and residential air conditioning. Orders provide near-term perspective on the company's outlook, particularly when viewed in the context of prior and future monthly order rates. However, orders are not in themselves an indication of futureperformance. 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. Parker Hannifin, with annual sales exceeding $8 billion, is a diversified manufacturer of motion and control technologies and systems, providing precision-engineered solutions for a wide variety of commercial, mobile, industrial and aerospace markets.