Applied Industrial Technologies sales up 5.3%
Applied Industrial Technologies reported net sales for its fiscal 2013 first quarter increased 5.3% to $610.5 million.
That compares to $579.6 million in the comparable period a year ago.
Net income for the quarter increased to $29.5 million, or 70 cents per share, compared to $26.4 million, or 61 cents per share, last year.
"We continued to leverage our sales growth into solid earnings performance, converting a 5.3% sales increase to an 11.9% improvement in net income and a 14% increase in earnings per share. In addition, our strong operating margin of 7.3% for the quarter reflects the numerous initiatives we have in place to increase our efficiency, productivity and profitability," said Applied's chief executive officer Neil A. Schrimsher.
For the full year, the company is projecting earnings per share of $2.90 to $3.05 on 6% to 10% revenue growth.
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.
