Industrial distributor Applied Industrial Technologies (NYSE: AIT), Cleveland, reported fiscal second-quarter sales of $833.4 million, down 0.8% compared to the year-ago period. Net income fell 1.8%to $38 million.
Excluding a 3.2% increase from acquisitions, sales decreased 4% on an organic basis reflecting a 3.5% decline in the Service Center segment and a 4.9% decline in the Fluid Power & Flow Control segment.
Sales for the six months ended December 31, 2019, were $1.7 billion, down 0.9% compared to the year-ago period, and profit was $76.8 million.
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