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Industrial distributor Applied Industrial Technologies (NYSE: AIT), Cleveland, OH, reported fiscal third-quarter sales of $827.7 million, up 22 percent compared to the same period in 2017. Profit was up 24 percent to $36.6 million.
The overall sales increase for the quarter reflects a 15 percent increase from acquisition-related volume and favorable foreign currency translation of 0.8 percent, the company said. Applied completed the acquisition of fluid power distributor FCX Performance in February.
For the nine months ended March 31, 2018, Applied’s sales were $2.18 billion, a 14 percent increase compared to the same period last year. Profit increased to $101.3 million.