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Applied Industrial Technologies (NYSE: AIT), Cleveland, OH, reported sales for the first quarter ended Sept. 30, 2010, were $527.5 million, an increased of 20.5 percent over the comparable period a year ago. Profit increased 85.5 percent to $20.8 million.
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"We are pleased with the strength shown by our first quarter sales and operating results," CEO David L. Pugh said. "Our sales showed steady growth over prior year comparables throughout the quarter on the basis of increased demand from the majority of our industrial segments. We see this level of demand continuing for the foreseeable future."
Inventories expanded about $10 million net of acquisitions and price increases, as the industrial distributor increased stock to safeguard against increased lead times in the supply chain.