Industrial distributor Applied Industrial Technologies, Cleveland, OH, held its fourth-quarter and 2008 year-end earnings conference on Friday. Sales in 2008 increased 3.7% to $2.1 billion from fiscal 2007. Profit rose 11% to $95 million.
End Markets
As CEO David Pugh says, anything related to housing is a problem,” and “anything related to energy is a boom situation.” According to Pugh, about half of the top 30 industries Applied serves were down, and the other half were flat to up in the past year. The distributor is seeing double-digit declines in sales to the lumber and wood products industry (about 15% of sales), as well as in transportation (4% of sales). Pugh says “some, but not all, of that sales decline was countered by strong increases in power generation, …
Applied Industrial: Strengths Offset Weaknesses in its End-Markets
Industrial distributor Applied Industrial Technologies, Cleveland, OH, held its fourth-quarter and 2008 year-end earnings conference on Friday. Sales in 2008 increased 3.7% to $2.1 billion from fiscal 2007. Profit rose 11% to $95 million.
End Markets
As CEO David Pugh says, anything related to housing is a problem,” and “anything related to energy is a boom situation.” According to Pugh, about half of the top 30 industries Applied serves were down, and the other half were flat to up in the past year. The distributor is seeing double-digit declines in sales to the lumber and wood products industry (about 15% of sales), as well as in transportation (4% of sales). Pugh says “some, but not all, of that sales decline was countered by strong increases in power generation, …
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