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For the first six months, sales were $593.9 million, down 1.1 percent versus the prior year period. Profit fell 47.3 percent to $7.8 million.
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Industrial Distribution segment sales increased 35.2 percent in the 2010 second quarter to $210.9 million. Acquisitions contributed $27.7 million in sales in the quarter. On a sales per sales day basis, organic sales were up 15.6% over last year's second quarter. Segment operating income for the second quarter of 2010 was $7.7 million, a 151.6% increase.
Aerospace segment sales were $106.2 million, a decrease of 22.7% from sales of $137.3 million in the second quarter of 2009. Operating income was $12.1 million, compared to operating income of $21.6 million in the 2009 second quarter. The operating margin in this year's second quarter was 11.4% as compared to 15.7% in the comparable period in the prior year.
"Looking ahead to the second half of the year, recent economic data suggests that a recovery in the economy is likely to be gradual. However, at the same time, we are optimistic about the potential for improvement in our end markets for both Industrial Distribution and Aerospace," CFO William C. Denninger said. "The strong second quarter performance of our Industrial Distribution segment provides us with confidence in our ability to meet our full year outlook for this business."
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| Title | Company | Location |
|---|---|---|
| Digital Strategy Manager | Border States Electric | Fargo North Dakota |
| Risk Manager | Border States Electric | Fargo ND |
| Purchasing Manager | PCA SKIN | Scottsdale, AZ |
| BUSINESS DEVELOPMENT MANAGER | Graybar Electric Company | Denver, CO |
| INDUSTRIAL OUTSIDE SALES REPRESENTATIVE | Graybar Electric Company | Phoenix, AZ |
| General Manager | Applied Industrial Technologies | Norfolk, VA |
| Rubber Specialist | Applied Industrial Technologies | Baltimore, MD |
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