Applied sales up 3.7%
Applied Industrial Technologies reported that its fiscal 2013 sales were a record $2.46 billion, up 3.7% from fiscal 2012 sales of $2.38 billion.
Net income for the year increased to a record $118.1 million, or $2.78 per share, compared with $108.8 million, or $2.54 per share, in fiscal 2012.
Net sales for the fourth quarter were $640.5 million, up 3.3% from $620.0 million for the comparable period a year ago. Net income for the quarter was $32.3 million, or 76 cents per share, compared with last year's fourth quarter net income of $32.0 million, or 75 cents.
"Moving into fiscal 2014, we remain optimistic about the general industrial economy for the balance of 2013 and anticipate further economic improvements throughout calendar 2014," said Neil A. Schrimsher, CEO. "For fiscal 2014, we are forecasting a sales increase of 4% to 6% and earnings per share in the range of $2.90 to $3.15 per share."
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.
