Posted October 25, 2017

Applied Industrial Technologies sales up 8.9 percent

Applied Industrial Technologies reported first quarter fiscal 2018 sales grew 8.9 percent to $680.7 million from $624.8 million in the same quarter a year ago.

The overall sales increase reflects a 0.8 percent increase from acquisition-related volume and favorable foreign currency translation of 0.7 percent. Excluding these factors, organic growth was up 9.2 percent, which was partially offset by a 1.8 percent impact from one less sales day in the quarter.

Net income for the quarter increased 23.2 percent to $33.7 million from $27.4 million, and earnings per share rose 22.9 percent to 86 cents per share, compared with 70 cents in the first quarter of fiscal 2017.

“Building on our recent momentum, we are off to a solid start in fiscal 2018. Our first quarter results reflect ongoing progress in executing our strategic plan, with emphasis on serving our customers, enhancing our capabilities and driving continuous improvements for growth and profitability,” said Neil A. Schrimsher, president and chief executive officer.

The distributor of bearings, power transmission and motion control  products is narrowing its full-year guidance range for earnings per share to between $3.10 and $3.20 per share, on a sales increase of 4 percent to 5 percent.

“We are well-positioned in our markets and on track to deliver our fiscal year commitments, with opportunities for continued improvement in sales, operating performance and earnings,” Schrimsher said.