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Applied Industrial Technologies (NYSE: AIT), Cleveland, OH, reported fiscal fourth quarter sales of $620 million, up 5 percent from the comparable period a year ago. Profit for the company, No. 2 on MDM's list of top power transmission and bearings distributors, increased 13 percent to $32 million, for the quarter ended June 30, 2012.
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Full-year sales were $2.4 billion, 7 percent above 2011 fiscal year results. Profit increased 12 percent to $108.8 million.
“We were active on the acquisition front during the year, completing three strategic acquisitions in Eastern Canada. In addition, and subsequent to our fiscal year-end, we finalized the purchase of SKF Distribution in Australia and New Zealand as announced last week,” said CEO Neil A. Schrimsher.