Industrial distributor Applied Industrial Technologies (NYSE: AIT), Cleveland, OH, reported sales for the fiscal third quarter ended March 31 of $680 million, a 10 percent increase year-over-year. Profit decreased 5.9 percent to $28.6 million.
For the first nine months of the year, sales increased 14.9 percent from the prior-year period to $2.1 billion. Net income increased 5.2 percent to $87.4 million.
"The third quarter presented some challenges, including a deceleration of industrial market demand and foreign exchange headwinds," said Neil A. Schrimsher, president and CEO. "Our overall sales increase for the quarter reflects a 10.6% increase from acquisition related volume coupled with a 1.3 percent rise in our core underlying operations, offset by a negative 1.9% foreign currency translation impact."
