Posted April 26, 2019

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.