Industrial distributor Applied Industrial Technologies (NYSE: AIT), Cleveland, OH, reported sales of $864.5 million for its fiscal 2019 first quarter, ended September 30.
The distributor said sales rose 27 percent compared with the year-ago period, reflecting 21.5 percent acquisition-related growth and 6.9 percent organic sales growth. The results were partially offset by the negative impact of foreign currency translation and the adoption of the revised revenue recognition standard, the company said.
Applied acquired distributor FCX Performance earlier this year.
Net income for the quarter was $48.9 million, up 45 percent compared to the year-ago period, Applied reported.
