Posted April 27, 2017

Applied Industrial Technologies sales up 7.3 percent

Applied Industrial Technologies reported net sales for its fiscal 2017 third quarter were $679.3 million, an increase of 7.3% compared with $633.2 million in the same quarter a year ago.

The increase reflects a 0.4% increase from acquisition-related volume and favorable foreign currency translation of 0.1%. Excluding these factors, organic growth was up 6.8%, which includes a 0.8% benefit from a higher number of selling days in the quarter.

Net income for the quarter was $29.5 million, or 75 cents per share, compared with a net loss of $44.7 million, or $1.14 per share, in the third quarter of fiscal 2016.

"Our results reflect a solid third quarter with continued sales per day improvements across our core operations and ongoing operational excellence activities throughout the business. We are well-positioned to build on this momentum and deliver a strong finish to our fiscal 2017," said Neil A. Schrimsher, president and CEO.

The company expects fourth quarter sales to increase 6.0% to 8.0% over the prior year quarter and earnings per share to be in the range of 68 cents to 78 cents per share.