Posted October 25, 2011
Applied Industrial Technologies sales up 9.9%
Applied Industrial Technologies reported net sales for the first quarter of fiscal 2012 increased 9.9% to a record $579.5 million from $527.5 million in the comparable period a year ago.
Net income for the quarter increased 27.1% to $26.3 million, or 61 cents per share, compared to $20.7 million, or 48 cents per share, last year.
"We are pleased to report a solid start to the fiscal year with continued growth and profitability for the quarter. Our sales growth combined with a continuing emphasis on managing the operating fundamentals allowed us to post strong earnings," said chairman and chief executive officer David L. Pugh.
"As we look ahead, we see an industrial market that is experiencing real growth and offers continued opportunities for expansion," stated Benjamin J. Mondics, president and chief operating officer. He said the company anticipates full-year earnings per share between $2.40 and $2.55, on expected sales of $2.35 billion to $2.45 billion.
