Posted August 11, 2017

Applied posts 7.5 percent sales gain

Applied Industrial Technologies said net sales for its fiscal fourth quarter were $681.5 million, an increase of 7.5 percent compared with $634.0 million in the same quarter a year ago.

The increase reflects a 0.8 percent gain from acquisition-related volume and an unfavorable foreign currency translation of 0. percent. Organic growth was 7.9 percent in the quarter.

Net income quarter was $53.0 million, or $1.34 per share, compared with $26.1 million, or 66 cents, in the fourth quarter of fiscal 2016. 

For the full year, net sales were $2.59 billion, an increase of 2.9 percent compared with $2.52 billion last year. Net income was $133.9 million, or $3.40 per share, compared with $29.6 million, or 75 cents, in the prior year. 

“We are pleased with the positive strides we made throughout fiscal 2017, including continued sequential progress in the fourth quarter. Our results for the year reflect the benefits from serving our customers’ operating needs, driving continuous improvements and enhancing our technical value-added capabilities. We look forward to building on our business momentum for continued growth in fiscal 2018,” said Applied president and CEO Neil A. Schrimsher.

For fiscal 2018, the company is forecasting a sales increase in the range of 3.0 percent to 5.0 percent and expects earnings per share in the range of $3.00 to $3.20 per share.