Industrial distributor Applied Industrial Technologies (NYSE: AIT), Cleveland, OH, reported fiscal second-quarter sales of $840 million, up 26 percent compared to the year-ago period. Net income rose 25 percent to $38.7 million.
The sales increase reflects a 21.3 percent gain from acquisition-related volume and a 1.6 percent benefit from a higher number of selling days in the quarter, partially offset by a negative 0.7 percent foreign currency translation impact, the company said.
Sales for the six months ended December 31, 2018, were $1.7 billion, up nearly 27 percent compared to the year-ago period, and profit was $87.7 million.
Applied’s management cited decelerating conditions toward the end of 2018 and pointed to moderating conditions ahead in the industrial economy.
Related Posts
-
B&D Industrial, a founding member of AD Bearings and Power Transmission division, joins second division…
-
ASAP Industrial Supply is changing its name to Inland Empire Windustrial and will become part…
-
B2B Industrial Packaging announces the acquisition of All Packaging Co. Inc., a Kansas City, Missouri-based…