Applied Industrial Technologies sales up 3.4%
Applied Industrial Technologies reported net sales for the second quarter of fiscal 2013 increased 3.4% to $589.5 million compared to a year ago.
Net income increased to $27.0 million, or 64 cents per share, compared to $20.9 million, or 49 cents per share, last year.
Six month sales increased 4.4% to $1.20 billion from $1.15 billion in the same period last year. Net income increased 19.6% to $56.6 million, or $1.33 per share, compared to $47.3 million, or $1.11 per share, last year.
"While some of the recent macroeconomic headwinds will continue as we move into the second half of our fiscal year, we remain optimistic about the overall North American industrial economy for calendar 2013," said chief executive officer Neil A. Schrimsher. "We are focused on driving operating performance in the current environment and implementing programs that support our long-range strategic plan for growth and profitability – organically, via acquisition and through our technology investments."
Headquartered in Cleveland and with more than 500 facilities, Applied provides engineering, design and systems integration for industrial and fluid power applications, as well as customized mechanical, fabricated rubber and fluid power shop services.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
