Industrial distributor Applied Industrial Technologies (NYSE: AIT), Cleveland, OH, reported sales of $897.7 million in its fiscal fourth quarter ended June 30, an increase of nearly 32 percent compared with the same quarter a year ago. Net income for the quarter was $40.4 million, compared with $52.9 million in the fourth quarter of fiscal 2017.
The sales growth reflects a 22 percent increase from acquisition-related volume, the company said. Applied acquired fluid power distributor FCX Performance for $768 million earlier this year.
Applied reported full-year sales of $3.1 billion, up 18.5 percent compared to a year ago. Net income for the year was $141.6 million compared with $133.9 million in the prior-year period.
