Posted April 22, 2010
Applied's sales increase by 7.6 percent
Applied Industrial Technologies reported net sales for the third quarter increased 7.6% to $486.14 million compared to $451.64 million in the same period last year.
Net income for the quarter increased 43% to $16.52 million or 39 cents per share compared to $11.56 million or 27 cents per share last year.
Nine-month sales were $1.37 billion compared to $1.49 billion in the same period last year. Net income was $38.19 million or 89 cents per share compared to $50.29 million or $1.17 per share, last year.
"We were very pleased to see a return to growth and increasing profitability in the quarter. While the comparables were relatively easy, it is still encouraging to see broad-scale activity in the industries we serve. As we talk with our customers and our suppliers, we are cautiously optimistic for moderate economic recovery through the remainder of our fiscal year," said Applied chairman and CEO David L. Pugh.
For fiscal 2010, Applied is targeting sales of $1.85 billion to $1.90 billion.
