Applied posts 7 percent sales increase
Applied Industrial Technologies said its third-quarter fiscal 2019 sales increased 7.0 percent to $885.4 million from $827.7 million in the prior year.
The overall sales increase for the quarter includes 6.2 percent from acquisitions, partially offset by a negative 0.7 percent from foreign currency and a negative 0.8 percent selling day impact. Sales increased 2.3 percent on an organic daily basis.
Net income was $16.5 million, or 42 cents per share, compared to $36.6 million, or 93 cents per share, in the prior year.
“We believe the industrial cycle remains firm highlighted by above normal sequential growth in our Service Center segment and encouraging order/backlog momentum exiting the quarter in our Fluid Power & Flow Control segment,” said Neil A. Schrimsher, president and chief executive officer.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
