Applied Industrial Technologies hits record sales
Applied Industrial Technologies reported fiscal 2012 full-year sales were a record $2.4 billion, up 7.3% from 2011 sales of $2.2 billion.
Net income for the year increased to a record $108.8 million, or $2.54 per share, compared with $96.8 million, or $2.24 per share, in fiscal 2011.
Net sales for the fourth quarter were $620.0 million, up 5.1% from the comparable period a year ago. Net income for the quarter was $32.0 million, or 75 cents per share, compared with last year's fourth quarter earnings of $28.3 million, or 65 cents per share.
"We had a record fiscal year in 2012, with strong results across the company. We translated a 7% sales gain into strong earnings growth and cash flow, continuing our sound operating discipline and focus on operational excellence," said chief executive officer Neil A. Schrimsher.
During the year, the company completed three acquisitions in Eastern Canada and finalized the purchase of SKF Distribution in Australia and New Zealand last week.
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.
