LOCAL BUSINESS

Parker Hannifin earnings

Cleveland-based Parker Hannifin Corp., which has plants in the greater Akron area, earned $242.5 million, or $1.60 a share, on revenue of $3.36 billion for its third quarter ending March 31.

The motion and control technologies company’s earnings were lower than net income of $256.6 million, or $1.68 per share, on revenue of $3.31 billion a year ago.

Third quarter adjusted net income was $285 million, or $1.88 per share, compared to $257.8 million, or $1.69 a share for the third quarter of 2013.

North American third quarter sales rose 1.9 percent to $1.46 billion compared to a year ago, with operating income at $243 million, up from $224.5 million a year ago.

B&W awarded contracts

The U.S. Naval Reactors Program has awarded contracts and orders worth about $95 million to Babcock & Wilcox Co.’s subsidiary B&W Nuclear Operations Group Inc. for work on Ohio-class submarines. The company also announced other related contracts and orders.

Some of the work will be done at B&W’s facilities in Barberton and Euclid, as well as in Lynchburg, Va., and Mount Vernon, Ind.

Four contracts totaling $76.8 million were awarded for engineering design, fabrication and development work on the Ohio-class submarine replacement program.

Another contract valued at $18.8 million is for the disassembly and recovery of highly enriched uranium materials.

The Navy also released a $23.7 million order, part of a previously released $1.3 billion contract, to make nuclear components to support U.S. defense programs.

B&W also received an order for $76 million, part of a previous $366 million contract, to buy material to be used in the assembly of nuclear propulsion components.

EARNINGS

Carlyle Group profits fall

Carlyle Group LP, the world’s second-largest manager of alternative assets such as private equity and real estate, said first-quarter profit fell 14 percent as real estate investments suffered losses and credit funds gained less than a year ago. The group sold Veyance Technologies of Fairlawn, the former Goodyear Engineered Products unit, to Continental AG of Germany earlier this year.

ENTERTAINMENT

StubHub into promotions

Show attendees will soon be able to buy concert tickets from StubHub for events produced by StubHub. The company, which helps brokers and fans buy and sell tickets on its website, announced it will sell tickets to concerts it will produce. It has five shows planned so far featuring “emerging acts” and will launch its first self-produced concert May 18 in Los Angeles. StubHub is getting involved in a business dominated by Live Nation Entertainment Inc. and its Ticketmaster subsidiary. AEG is also a big player in concert promotion and ticketing of concerts at its own venues like the Staples Center in Los Angeles through its ticketing arm, AXS. StubHub, a subsidiary of eBay Inc., was launched in 2000.

RETAIL

Target to make changes

Target announced it would switch its debit and credit cards over to a more secure technology by early next year. The company also said it hired a new chief information officer to oversee the company’s technology team and data security. The new debit and credit card technology, called chip and PIN, is widely used in Europe and considered to be more secure than most cards used in the U.S., which rely on magnetic strips.

STOCK OFFERING

Pork giant stops share sale

WH Group of China, the world’s biggest pork producer, canceled its $1.9 billion initial public offering of stock in Hong Kong because of lackluster demand. Despite the efforts of an unprecedented 29 underwriters, the offering, which once sought to raise as much as $5.3 billion, failed to generate enough enthusiasm from investors. WH, previously known as Shuanghui International, paid $4.7 billion in cash last year for Smithfield Foods, the biggest pork producer in the United States.

Compiled from staff and wire reports