Applied Industrial Technologies sales fall
Applied Industrial Technologies reported first quarter fiscal 2014 sales declined nearly 1 percent to $605.3 million, compared with $610.5 million in the same quarter a year ago.
Net income for the quarter was $26.8 million, or 63 cents per share, compared with $29.5 million, or 70 cents per share, in the first quarter of fiscal 2013.
"First quarter sales were below our expectations, as weaker industrial demand continued. Our earnings in the quarter were impacted by the lower volume along with our continued strategic investments across the Service Centers, Fluid Power businesses and Applied MSS," said Neil A. Schrimsher, president and CEO.
Based on the current industrial economic activity and near-term outlook, the company is revising its full-year fiscal 2014 sales guidance to a range of $2.43 billion to $2.49 billion, and earnings per share to a range of $2.65 to $2.95 per share.
"While some economic uncertainty lingers, we are confident about our ability to perform in this industrial economy based on our strong market position, our dedicated associates, and our focused plan to accelerate growth and improve profitability. We are committed to expanding our value-add, extending our market reach, and enhancing our capabilities to serve our customers and generate shareholder value," Schrimsher said.
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.
