Applied Industrial Technologies sales up 2.7%
Applied Industrial Technologies reported third quarter fiscal 2013 sales increased 2.7% to $621.7 million.
Net income for the quarter was $29.3 million, or 69 cents per share, essentially flat compared with the third quarter of 2012.
Nine month sales increased 3.8% to $1.82 billion from $1.76 billion in the same period last year. Net income increased 11.9% to $85.9 million from $76.7 million, and earnings per share increased 12.8% to $2.02 per share from $1.79 per share, last year.
"While some economic uncertainty persisted in our third quarter, we translated modest sales growth into solid earnings," said chief executive officer Neil A. Schrimsher. "While overall our third quarter sales trend remained similar to the prior quarter, we did see month-over-month increases in sales per day in our U.S. service center and fluid power businesses. Consistent with the current levels of various economic production and capacity utilization indices, we remain optimistic about the industrial economy for the for the 2013 calendar year."
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.
