Posted October 30, 2019

Applied Industrial Q1 sales down 0.9 percent

Applied Industrial Technologies reported first quarter 2020 net sales decreased 0.9 percent to $856.4 million from $864.5 million in the prior year quarter.

The change in sales includes a 2.8 percent increase from acquisitions and a positive 1.6 percent selling day impact, partially offset by a negative 0.1 percent from foreign currency translation. Excluding these factors, sales decreased 5.2 percent on an organic daily basis.

Net income was $38.8 million, or $1.00 per share, compared to $48.9 million, or $1.24 per share, in the prior year quarter. 

“Our first quarter finished as expected with our team effectively managing through slower industrial demand," said Neil A. Schrimsher, president and chief executive officer. "While the demand environment remains subdued and uncertain, our sales trends are exhibiting some stabilization on a sequential basis and should benefit from easier comparisons going forward.