Parker-Hannifin Corporation PH reported better-than-expected results for third-quarter fiscal 2016. Adjusted earnings of $1.51 per share surpassed the Zacks Consensus Estimate of $1.46. However, the bottom line plunged 26.7% on a year-over-year basis.Inside the HeadlinesNet sales for the quarter fell 10.6% year over year to $2,828.7 million but surpassed the Zacks Consensus Estimate of $2,776 million.The company also reported a 6% drop in orders for the reported quarter due to decline in the order rate of Diversified Industrial Segment.Operating income for the quarter fell 12.7% year over year to $391.6 million.During the quarter, Parker-Hannifin bought back shares worth $50 million.Segmental PerformanceIn the Diversified Industrial Segment, North American sales for the fiscal third quarter decreased 13.4% to $1,247.9 million. Also, the segment reported a 9% year-over-year decline in orders.The International subdivision, which is also classified under Diversified Industrial Segment, reported an 11.2% decrease in sales to $1,019.8 million. Moreover, orders of the sub segment fell 6% year over year.On the other hand, revenues in the Aerospace Systems segment grew 2% year over year to $561 million but orders declined 1%.LiquidityAs of Mar 31, 2016, Parker-Hannifin’s cash and cash equivalents were $1,035 million compared with $1,180.6 million at the end of fourth-quarter fiscal 2015. Long-term debt was $2,675 million at the end of the third-quarter fiscal 2016 compared with $2,724 million as of Jun 30, 2015.Fiscal 2016 GuidanceParker-Hannifin aims to boost its revenues and margins on the back of its newly implemented Win Strategy. The company also expects superior innovations, customer services and strategic growth plans to help in strengthening its financial fundamentals in the near term. Based on the existing conditions Parker-Hannifin has raised its full-year fiscal 2016 adjusted earnings guidance to the range of $6.20–$6.40 per share from $5.90–$6.30 per shareHowever, the company expects weak end-markets and strong currency headwinds to weigh on its financial performance for fiscal 2016.Our TakeWe believe that Parker-Hannifin’s new Win Strategy will help it perform better in the upcoming quarters. Also, the global restructuring initiatives that have benefited the company in the past are expected to strengthen the competitive position of this Zacks Rank #3 (Hold) stock, going ahead.Some better-ranked stocks in the same industry include EnPro Industries, Inc. NPO, Luxfer Holdings PLC LXFR and Sun Hydraulics Corp. SNHY. All the three stocks presently sport a Zacks Rank #1 (Strong Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report PARKER HANNIFIN (PH): Free Stock Analysis Report SUN HYDRAULICS (SNHY): Free Stock Analysis Report ENPRO INDUS INC (NPO): Free Stock Analysis Report LUXFER HOLDINGS (LXFR): Free Stock Analysis Report To read this article on Zacks.com click here.