Posted January 21, 2011
AIT sales up 18.7 percent
Applied Industrial Technologies reported net sales for the second quarter increased 18.7% to $529.5 million from $446.2 million in the comparable period a year ago.
Net income for the quarter increased 102% to $21.1 million, or 49 cents per share, compared to $10.4 million, or 24 cents per share, last year.
Six-month sales were $1.05 billion compared to $883.9 million in the same period last year. Net income was $41.9 million, or 97 cents per share, compared to $21.6 million, or 51 cents per share, last year.
"We were once again pleased with the strength of our quarterly results, and with our ability to efficiently convert sales increases to proportionately higher levels of profitability," said David L. Pugh, Applied's chairman and chief executive officer. "Our strong performance is fueled by the recovering industrial economy and, in particular, exceptional results within those segments of our fluid power business that provide products and solutions for automation and machine control applications.
The company is forecasting moderate growth for the rest of its fiscal year, and anticipates sales for the full year in the range of $2.05 billion to $2.25 billion.
