Applied sees big jump in sales
Applied Industrial Technologies reported second quarter fiscal 2015 sales of $691.7 million, an increase of 18.9% compared with $581.9 million in the same quarter a year ago.
Net income for the quarter increased to $29.7 million from $25.9 million, and earnings per share rose 18.0% to 72 cents per share, compared with 61 cents in the second quarter of fiscal 2014.
For the six months ended Dec. 31, 2014, sales increased 17.4% to $1.39 billion from $1.19 billion in the same period last year. Net income increased to $58.8 million from $52.8 million, and earnings per share increased 13.7% to $1.41 per share from $1.24 per share last year.
"Our overall sales increase reflects 15.8% of acquisition related volume coupled with a 4.5% rise in our core underlying operations, offset by a negative foreign currency translation impact of 1.4%," said president and chief executive officer Neil A. Schrimsher.
"Looking forward, we see an industrial economic environment that continues to present opportunities for organic and acquired growth. While the recent decline in oil prices creates some challenges, we are fully engaged in executing our acquisition integration plans as well as our broader growth initiatives across our industrial served markets," Schrimsher added.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
