Applied Industrial sales down 1.3 percent
Applied Industrial Technologies said its second quarter fiscal 2014 sales were $581.9 million, a decrease of 1.3% compared with $589.5 million in the same quarter a year ago.
Net income for the quarter was $25.9 million, or 61 cents per share, compared with $27.0 million, or 64 cents, in the second quarter of fiscal 2013.
For the six months ended Dec. 31, sales decreased 1.1% to $1.19 billion from $1.20 billion in the same period last year. Net income was $52.8 million, or $1.24 per share, compared with $56.6 million, or $1.33 per share, last year.
"With weaker industrial demand in some key market segments, coupled with negative impacts on reported sales from foreign currency translation, our second quarter sales lagged the prior year. We remain disciplined on our operating costs and focused on driving continuous improvements across our business," said Neil A. Schrimsher, president and chief executive officer.
He said the company is maintaining its full-year fiscal 2014 guidance for earnings per share between $2.65 and $2.95 per share, on expected sales of $2.43 billion to $2.49 billion.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
