Applied Industrial Technologies sales up 7.3 percent
Applied Industrial Technologies reported net sales for its fiscal 2017 third quarter were $679.3 million, an increase of 7.3% compared with $633.2 million in the same quarter a year ago.
The increase reflects a 0.4% increase from acquisition-related volume and favorable foreign currency translation of 0.1%. Excluding these factors, organic growth was up 6.8%, which includes a 0.8% benefit from a higher number of selling days in the quarter.
Net income for the quarter was $29.5 million, or 75 cents per share, compared with a net loss of $44.7 million, or $1.14 per share, in the third quarter of fiscal 2016.
"Our results reflect a solid third quarter with continued sales per day improvements across our core operations and ongoing operational excellence activities throughout the business. We are well-positioned to build on this momentum and deliver a strong finish to our fiscal 2017," said Neil A. Schrimsher, president and CEO.
The company expects fourth quarter sales to increase 6.0% to 8.0% over the prior year quarter and earnings per share to be in the range of 68 cents to 78 cents 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.
