Industrial distributor Applied Industrial Technologies (NYSE: AIT), Cleveland, OH, reported sales for the fiscal year 2016 of $2.5 billion, down 8.4 percent year-over-year. Profit decreased 74.4 percent to $29.6 million.
For the fiscal fourth quarter ended June 30 sales were $634 million, a decrease of 6.4 percent year-over-year. Profit decreased 6.8 percent to $26.1 million.
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