Parker Hannifin earnings fall
Cleveland-based motion and control technology company Parker Hannifin Corp.’s net income and revenue for the third quarter fell from a year ago. Parker Hannifin reported earning $256.6 million, or $1.68 a share, on revenue of $3.3 billion for the third quarter ending March 31. A year ago the company had net income of $312.7 million, or $2.01 a share, on revenue of $3.39 billion. The company increased its quarterly dividend by 5 percent to 45 cents per share effective June 7 to shareholders of record as of May 10. Parker Hannifin has operations in Akron, Ravenna and Wadsworth.
Ferro to stick with strategy
Ferro Corp.’s top executives said they are not changing a strategy to strengthen the Mayfield Heights company’s finances and did not discuss a hostile takeover bid from A. Schulman Inc. in Fairlawn or a proxy fight with a group of shareholders.
Ferro is on track to have at least $85 million in cost savings while growing the company, executives said. Specialty chemicals company Ferro late Wednesday said it earned $883,000 on revenue of $418 million for its first quarter. The company said it expects to have adjusted earnings of 35 cents to 40 cents per share for the full year.
Timken spinoff wins support
A second proxy advisory firm is urging Timken Co. shareholders to support a ballot proposal at the May 7 annual meeting seeking to spin off the company’s steel division.
The Canton company, meanwhile, sent out a letter Thursday to shareholders urging they reject the “misguided” ballot proposal and that “our integrated business model is working.”
Glass Lewis & Co. on Thursday said it is recommending that its clients support the spinoff proposal from Timken shareholders Relational Investors and the California State Retirement System. The two shareholders want Timken to separate its bearings and steel businesses. Proxy firm Institutional Shareholders Services also this week announced it supports the Relational and CalSTRS ballot proposal.
Diebold’s directors elected
Diebold Inc. elected directors at its annual shareholders meeting Thursday. The Green ATM and securities systems maker elected two new directors, Roberto Artavia, chairman of Viva Trust and Robert S. Prather Jr., president and chief operating officer of Gray Television Inc.
Eight other directors were re-elected. The board also re-elected the company’s top corporate officers. The only other proxy ballot item was to name KPMG as Diebold’s public accountant.
The company declared a quarterly dividend of 28.75 cents payable June 7 to shareholders as of May 17.
15-year mortgage rate drops
The average U.S. rate on the 15-year fixed mortgage fell last week to its lowest level on record, making refinancing and home-buying more attractive to those who can qualify. Mortgage buyer Freddie Mac said Thursday the average rate for the 15-year fixed loan fell to 2.61 percent. That’s down from 2.64 percent last week and the lowest rate on records dating to 1991. The average rate on the 30-year fixed mortgage also moved closer to its record low, dropping to 3.40 percent.
Dow Jones rises 24.50 points
The Dow Jones industrial average closed up 24.50 points, or 0.2 percent, to 14,700.80. The S&P 500 rose 6.37 points, or 0.4 percent, to 1,585.16. Nine of the S&P’s 10 industry groups rose, led by telecommunications. The Nasdaq composite index rose 20.33, or 0.6 percent, to 3,289.99.
Compiled from staff and wire reports