Applied Industrial sales climb 10 percent
Applied Industrial Technologies reported third quarter fiscal 2015 sales were $680.0 million, an increase of 10.0% compared with $618.0 million in the same quarter a year ago.
Net income for the quarter was $28.6 million, or 70 cents per share, compared with $30.4 million, or 72 cents, in the third quarter of fiscal 2014. Prior year earnings reflect a 7 cent per share benefit from one-time tax benefits and a 2 cent per share benefit from other tax accrual reversals.
For the nine months ended March 31, sales increased 14.9% to $2.07 billion from $1.81 billion in the same period last year. Net income increased to $87.4 million from $83.1 million, and earnings per share increased 7.7% to $2.11 per share from $1.96 per share last year.
"The third quarter presented some challenges, including a deceleration of industrial market demand and foreign exchange headwinds. Our overall sales increase for the quarter reflects a 10.6% increase from acquisition related volume coupled with a 1.3% rise in our core underlying operations, offset by a negative 1.9% foreign currency translation impact," said Neil A. Schrimsher, Applied's president and chief executive officer.
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.
