Applied Industrial Technologies, Cleveland, OH, reported fiscal 2008 sales increased 3.7% to $2.1 billion from fiscal 2007. Profit rose 11% to $95 million.
In the fourth quarter, sales increased slightly to $529.7 million from the prior-year period. Profit was $24.4 million, down from $24.6 million last year.
While our financial performance was strong, we definitely saw the effect of a slowing economy during the second half of our fiscal year with only half of our top thirty industries showing positive growth,” said CEO David L. Pugh. “Our sales to the forest products industry and the transportation industry, historically strong markets for us, were especially soft.”
Applied has 459 facilities across North …
Applied Industrial Sales Up 7.2% in 2008
Applied Industrial Technologies, Cleveland, OH, reported fiscal 2008 sales increased 3.7% to $2.1 billion from fiscal 2007. Profit rose 11% to $95 million.
In the fourth quarter, sales increased slightly to $529.7 million from the prior-year period. Profit was $24.4 million, down from $24.6 million last year.
While our financial performance was strong, we definitely saw the effect of a slowing economy during the second half of our fiscal year with only half of our top thirty industries showing positive growth,” said CEO David L. Pugh. “Our sales to the forest products industry and the transportation industry, historically strong markets for us, were especially soft.”
Applied has 459 facilities across North …
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