Applied Industrial Technologies Sales Rise 7.6% in 3Q

Resource from: CBCC Likes:2945

Apr 23,2010

Industrial distributor Applied Industrial Technologies (NYSE: AIT), Cleveland, OH, reported sales for the fiscal 2010 third quarter ended March 31, 2010, were up 7.6 percent to $486.1 million from the same period a year ago. Profit for the quarter was up 43 percent to $16.5 million. For the nine months ended March 31, 2010, sales were $1.37 billion, down from $1.49 billion in the same period a year ago. Profit was $38.1 million, down from $50.2 million last year. Applied Chairman and CEO David L. Pugh said: "We were very pleased to see a return to growth and increasing profitability in the quarter. While the comparables were relatively easy, it is still encouraging to see broad-scale activity in the industries we serve. As we talk with our customers and our suppliers, we are cautiously optimistic for moderate economic recovery through the remainder of our fiscal year." For its fiscal year ended June 30, 2009, Applied posted sales of $1.9 billion.

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