Applied Industrial Technologies sales up nearly 8%
Applied Industrial Technologies reported net sales for the second quarter increased 7.7% to $570.4 million from $529.5 million in the same period a year ago.
Net income for the quarter was $20.9 million, or 49 cents per share, compared to $21.2 million, or 49 cents per share, last year.
Six-month sales were $1.1 billion compared to $1.0 billion in the same period last year. Net income for the period was $47.3 million or $1.11 per share compared to $41.9 million or 97 cents per share, last year.
"In addition to the day-to-day operation of our business, we are updating our long-range strategic plan to accelerate growth," said Neil A. Schrimsher, Applied's chief executive officer. "We are in the process of identifying numerous organic growth opportunities with existing and new customers, targeting attractive vertical markets, expanding our product and solutions offering, and building the acquisition pipeline. Operationally, the plan will include generation of continuous improvement across our operating landscape today and benefits from leveraging our new ERP system over the strategic horizon."
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.
