2Q sales decline for Applied
Applied Industrial Technologies reported second quarter fiscal 2017 net sales were $608.1 million, a decrease of 0.4% compared with $610.3 million in the same quarter a year ago.
The overall sales decrease for the quarter is impacted by one less selling day which accounts for a 1.6% decline and unfavorable foreign currency translation of 0.5%, partially offset by a 1.3% increase from acquisition-related volume and 0.4% organic growth. Net income for the quarter was $24.1 million, or 61 cents per share, compared with $23.9 million, or 61 cents, in the second quarter of fiscal 2016.
For the six months ended Dec. 31, 2016, sales were $1.23 billion, a decrease of 1.5% compared with $1.25 billion in the same period last year. Net income increased to $51.5 million from $48.2 million, and earnings per share increased 7.4% to $1.31 per share from $1.22 per share, last year.
"Midway through our fiscal year, we are pleased with the continued operational enhancements and efficiencies throughout our organization. We are also encouraged by the improving sales per day developments and remain focused on expanding our capabilities with new and existing customers," said Applied's president and chief executive officer Neil A. Schrimsher.