Posted January 20, 2010
AIT posts 11% sales decline
Applied Industrial Technologies reported net sales for its fiscal second quarter decreased 11% to $446.25 million compared to $502.41 million in the same period last year.
Net income for the quarter was $10.48 million, or 24 cents per share, compared to $16.19 million, or 38 cents per share last year.
For the past six months, sales were $883.99 million, compared to $1.04 billion in the same period last year. Net income was $21.67 million, or 51 cents per share, compared to $38.73 million, or 90 cents per share, last year.
"The general market continues to be difficult. While some sectors have shown improvement in activity, there is a concern that it may be a transient response to stimulus initiatives. Other sectors, especially those impacted by new construction, are still declining," said Applied chairman and CEO David L. Pugh.
He added that business activity is consistent with expectations for a slow, protracted economic recovery.
"For fiscal 2010, we now expect earnings per share to be in the range of 95 cents to $1.25 on sales of $1.75 billion to $1.85 billion," Pugh said.
