href=”http://www.applied.com/” target=_blank>Applied Industrial
Technologies, Cleveland, OH,
first quarter 2007 sales grew 11% to $492.5 million. Net income rose by 25.3% to
$21.1 million.
Commenting on the performance, Applied
Chairman and CEO David L. Pugh said, “We have had a very good start to what we
expect to be another very good year.
A healthy increase in our sales, combined with a continuing focus on
operating fundamentals allowed us to post strong earnings. In particular, our operating margins
showed good improvement as numerous strategic initiatives increased our
efficiency and productivity.”
With more than 450 facilities and 4,600
employee-associates across North America, Applied Industrial Technologies is an
industrial distributor with more than 2 million parts for the MRO and OEM
markets. For its fiscal year ended June 30, 2006, Applied posted sales of $1.9
billion.
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