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October 23, 2007

Applied Industrial Sales Rise 5.3% in 1Q

Applied Industrial Technologies, Cleveland, OH, reported that for its fiscal 2008 first quarter ended Sept. 30, profit rose by 15.8% and sales rose 5.3%.
 
Sales for the first quarter increased to $518.5 million. Profit was $24.5 million.
 
Commenting on the performance, Applied Chairman & Chief Executive Officer David L. Pugh said: "The demand for our products continued to grow in keeping with our economic expectations. While the slowdown in the housing market affected some of our customers, maintenance and repair part sales to manufacturing customers were strong."
 
Applied is an industrial distributor with more than 445 facilities and 4,600 employees in North America. For its fiscal year ended June 30, 2007, Applied posted sales of $2 billion.
 

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