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Industrial distributor Applied Industrial Technologies (NYSE: AIT), Cleveland, OH, today reported third quarter fiscal 2011 sales of $565.9 million, up 16.4 percent from the prior-year period.
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Profit for the quarter ended March 31, 2011, was $26.5 million.
For the nine months ended March 31, 2011, sales were up 18.5 percent to $1.62 billion. Profit was $68.4 million.
CEO David L. Pugh said: "Our third quarter performance was fueled by a solid industrial economy. While we expect this economy to continue its recovery and to deliver a positive ongoing impact, such issues as oil prices and geo-political events dictate that we also maintain a focus on the underlying fundamentals of our business. Our balanced approach will allow us to take maximum advantage of an improved market. Our cost control and margin improvement efforts have positioned us to leverage our sales gains into strong profit contribution. Our asset management is equally strong, providing excellent cash generation to support aggressive strategic initiatives."
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