Applied posts sales gain of 21.8 percent
Applied Industrial Technologies said its fiscal third-quarter net sales grew 21.8 percent to $827.7 million from $679.3 million in the same quarter a year ago.
The overall sales increase for the quarter reflects a 15.3 percent increase from acquisition-related volume and favorable foreign currency translation of 0.8 percent.
Net income increased 24.1 percent to $36.6 million, or 93 cents per diluted share, compared to $29.5 million, or 75 cents in last year's third quarter.
“Our solid third quarter results reflect broad-based execution across our business groups, along with the expected two-month contributions from the recent acquisition of FCX Performance," said Neil A. Schrimsher, president and chief executive officer.
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.
