Industrial distributor Applied Industrial Technologies (NYSE: AIT), Cleveland, OH, reported sales for the first quarter ended September 30 of $624.8 million, a decrease of 2.7 percent compared to the same period a year ago. Profit increased 12.8 percent to $27.4 million.
The overall sales decrease for the quarter reflects a 2.4 percent increase from acquisition-related volume, offset by a 4.8 percent decrease in our underlying operations and a negative 0.3 percent foreign currency translation impact.
