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Industrial distributor Applied Industrial Technologies (NYSE: AIT), Cleveland, OH, reported fiscal second-quarter sales of $840 million, up 26 percent compared to the year-ago period. Net income rose 25 percent to $38.7 million.
The sales increase reflects a 21.3 percent gain from acquisition-related volume and a 1.6 percent benefit from a higher number of selling days in the quarter, partially offset by a negative 0.7 percent foreign currency translation impact, the company said.
Sales for the six months ended December 31, 2018, were $1.7 billion, up nearly 27 percent compared to the year-ago period, and profit was $87.7 million.
Applied’s management cited decelerating conditions toward the end of 2018 and pointed to moderating conditions ahead in the industrial economy.