Applied posts double-digit sales and earnings gains
Applied Industrial Technologies reported first quarter fiscal 2015 net sales grew 16% to $702.3 million from $605.3 million in the same quarter a year ago.
Net income increased to $29.1 million from $26.8 million, and earnings per share rose 10.5% to 70 cents per share, compared with 63 cents in the first quarter of fiscal 2014.
"We are pleased to report a solid start to the fiscal year with double-digit sales and earnings per share growth for the quarter. Our overall sales increase reflects a 13.3% lift from our recent acquisitions and a 3.2% contribution from core underlying operations, offset by a negative foreign currency translation impact of 0.5%," said Neil A. Schrimsher, president and CEO.
"Looking ahead, we see an industrial market that offers continued opportunities for growth, and we are maintaining our full fiscal 2015 guidance for earnings per share between $2.95 and $3.20 per share, on a sales increase of 13% - 16%."
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.
