Posted August 10, 2018

Applied 4Q sales up 31.7 percent

Applied Industrial Technologies reported net sales for its fiscal fourth quarter were $897.7 million, an increase of 31.7 percent compared with $681.5 million in the same quarter a year ago.

The overall sales increase for the quarter reflects a 22.1 percent increase from acquisition-related volume. Organic growth was 9.3 percent, which includes a 1.1 percent benefit from a higher number of selling days.

Net income for the quarter was $40.4 million, or $1.03 per share, compared with $52.9 million, or $1.34 per share, in the fourth quarter of fiscal 2017. 

For the 12 months ended June 30,  net sales were $3.07 billion, an increase of 18.5 percent compared with $2.59 billion last year. Net income was $141.6 million, or $3.61 per share, compared with $133.9 million, or $3.40 per share in the prior year, which includes the non-routine tax benefit mentioned previously. 

“Fiscal 2018 proved to be an exciting and successful year, including record fiscal-year financial performance and continued progress in enhancing our differentiation as a value-added industrial distributor. We are extremely pleased with the engagement of the FCX Performance team members and our progress to date, and we are even more excited about the growth opportunities in the new fiscal yea,” said Neil A. Schrimsher, president and chief executive officer.