Parker Hannifin Corp., with area operations, reported Tuesday that its fourth-quarter net income dropped 10 percent, hampered by lower volumes and higher-than-expected acquisition-related costs.
The company headquartered in Cleveland also said that in 2014 it plans to spend about $100 million to “right size” its global operations.
Company spokesman Aidan Gormley said most of the restructuring will be done outside the United States. He said he couldn’t provide information on how restructurings may affect operations in Akron, Ravenna, Kent and Wadsworth.
“Although there will be restructuring in all regions, most of it will be concentrated internationally,” he said in an email. “I can’t provide any more detail than that.”
For the fourth quarter, profits of Parker Hannifin missed Wall Street’s expectations, and the shares declined 3.3 percent. The stock closed down $3.43 to $101.50.
The maker of motion and control products earned $271.2 million, or $1.78 per share, for the three months ended June 30. That’s down from $302 million, or $1.96 per share, a year earlier.
Analysts predicted earnings of $1.96 per share, according to a poll by the financial research firm FactSet.
Revenue edged up 1 percent to $3.43 billion from $3.41 billion. Wall Street was looking for higher revenue of $3.47 billion.
For the year, Parker Hannifin earned $948.4 million, or $6.26 per share. In the previous year the company earned $1.15 billion, or $7.45 per share.
Looking ahead, Parker Hannifin forecasts fiscal 2014 earnings from continuing operations of $7.35 to $8.15 per share.
Beacon Journal business writer Katie Byard contributed to this report.