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Industrial distributor Applied Industrial Technologies (NYSE: AIT), Cleveland, OH, reported sales for the fiscal year 2014 were $2.5 billion, flat compared to the prior fiscal year. Profit was down 4.5 percent at $112.8 million.
For the fiscal fourth quarter ended June 30, 2014 of $654.6 million, sales increased 2.2 percent over the same period a year ago. Profit decreased 8 percent to $29.7 million.
“Fiscal 2014 was a significant year of transition with our ERP deployments and acquisition activity, said President and CEO Neil Schrimsher. “Looking forward, we expect to see improvements in our service center operations and fluid power businesses, supported by an improving industrial economic environment.”