Posted April 21, 2011
Applied Industrial Technologies income up 60.6%
Applied Industrial Technologies reported net sales for its fiscal 2011 third quarter increased 16.4% to $565.9 million from $486.1 million in the comparable period a year ago.
Net income for the quarter increased 60.6% to $26.5 million, or 61 cents per share compared to $16.5 million, or 39 cents per share last year.
For the nine months ended March 31, 2011, sales increased 18.5% to $1.6 billion from $1.3 billion in the same period last year. Net income increased 79.3% to $68.4 million or $1.58 per share compared to $38.1 million, or 89 cents per share, last year.
"Our third quarter performance was fueled by a solid industrial economy. While we expect this economy to continue its recovery and to deliver a positive ongoing impact, such issues as oil prices and geo-political events dictate that we also maintain a focus on the underlying fundamentals of our business," said chairman and CEO David L. Pugh.
"We expect a moderate economic tailwind to help provide continued growth in our daily sales run rates throughout the remainder of our fiscal year," he added.
