Posted August 9, 2011
Applied Industrial sales up 16.9%
Applied Industrial Technologies reported fiscal 2011 year sales were a record $2.2 billion, up 16.9% from fiscal 2010 sales of $1.8 billion.
Net income for the year was a record $96.7 million, or $2.24 per share, compared with $65.9 million, or $1.54 per share in fiscal 2010, an increase of 46.8%.
Quarterly performance also set new records with net sales for the fourth quarter of $589.8 million, up 12.8% from the prior-year quarter. Net income for the quarter was $28.2 million, or 65 cents per share, up 2.1% from $27.7 million, or 64 cents in the same quarter last year.
"We had an excellent year, turning in our highest year-over-year percentage sales increase since 1998, and exceeding all expectations on net income. Our sales growth initiatives during the year were very effective and, combined with our attention to detail and our balanced approach to operating fundamentals, enabled us to generate strong earnings growth," said chairman and chief executive officer David L. Pugh.
Looking forward, Pugh said the company expects to see continued improvement but at a slower pace due to tougher comparables and a weaker industrial economy. The company expects sales of $2.35 billion to $2.45 billion for fiscal 2012.
