Applied Industrial Technologies, Cleveland, OH, today reported sales of $502.4 million for its fiscal 2009 second quarter ended Dec. 31, 2008, a decrease of 1.7% over the same period last year. Profit for the quarter declined 29.5% to $16.2 million. Excluding acquisitions, sales for the quarter were down 11.9%.
For the six months ended Dec. 31, 2008, sales increased 1.6% to $1.04 billion. Profit was $38.7 million down 18.3%.
"The rate of decline in the industrial economy has increased, and its scope has broadened beyond our expectations. This is a very difficult business climate, and economic indicators would suggest the market has yet to hit bottom, CEO David L. Hugh said. "We are making appropriate adjustments to our cost …
Applied Industrial Technologies 2Q Sales Slightly Down
Applied Industrial Technologies, Cleveland, OH, today reported sales of $502.4 million for its fiscal 2009 second quarter ended Dec. 31, 2008, a decrease of 1.7% over the same period last year. Profit for the quarter declined 29.5% to $16.2 million. Excluding acquisitions, sales for the quarter were down 11.9%.
For the six months ended Dec. 31, 2008, sales increased 1.6% to $1.04 billion. Profit was $38.7 million down 18.3%.
"The rate of decline in the industrial economy has increased, and its scope has broadened beyond our expectations. This is a very difficult business climate, and economic indicators would suggest the market has yet to hit bottom, CEO David L. Hugh said. "We are making appropriate adjustments to our cost …
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