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Posted January 25, 2018

Applied posts 9.7 percent sales gain

Applied Industrial Technologies reported that net sales for its fiscal 2018 second quarter grew 9.7 percent to $667.2 million from $608.1 million in the same quarter a year ago.


The increase reflects a 0.9 percent gain from acquisition-related volume and favorable foreign currency translation of 0.8 percent. Organic growth was 8.0 percent in the quarter.

Net income increased to $31.0 million from $24.1 million, and earnings per share rose to 79 cents per share, compared with 61 cents in the prior year quarter. 

For the six months ended Dec. 31, 2017, sales were $1.35 billion, an increase of 9.3 percent compared with $1.23 billion in the same period last year. Net income increased to $64.7 million from $51.5 million, and earnings per share increased to $1.65 per share from $1.31 per share, last year.

“Our solid second quarter results reflect broad-based execution across our business groups and a productive economic market environment,” said Neil A. Schrimsher, president and chief executive officer.

The company also announced that the U.S. Federal Trade Commission has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act with respect to the pending acquisition of FCX Performance Inc. The proposed acquisition is expected to close on Jan. 31. 

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