CLEVELAND -- Parker Hannifin Corp., which bought Youngstown's Commercial Intertech Corp. a year ago, earned $66.8 million, or 57 cents per share, in its fourth quarter, down from a 2000 fourth-quarter income of $113 million, or 99 cents per share.
For the full year, the company earned $340.8 million, or $2.96 per share, compared with $368.2 million, or $3.31 per share the year before.
The company said its profit decrease reflects a national "manufacturing recession," the first major setback for industry since the early 1990s.
"We've had to be fast and decisive in our response to this downturn," said Don Washkewicz, chief executive.
"Our manufacturing facilities were quick to adjust to depressed market conditions, by consolidating operations, accelerating acquisition integration and implementing spending cuts in all areas. These immediate moves are painful and costly, but the flexibility to align ourselves with demand keeps us strong and focused."