Posted April 26, 2018

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.