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Industrial distributor Applied Industrial Technologies (NYSE: AIT), Cleveland, Ohio, reported fiscal third-quarter sales of $885.4 million, up 7% compared to the same period in 2018. Profit was $16.5 million compared to $36.6 million in the third quarter of 2018.
For the nine months ended March 31, 2018, Applied’s sales were $2.6 billion, a 19% increase compared to the same period last year. Profit increased to $104.2 million.
“Our performance this quarter was driven by solid growth in our core Service Center segment, gross margin execution and ongoing SD&A cost initiatives,” said Applied’s President and CEO Neil A. Schrimsher. “As discussed last quarter, softness in technology end markets and tougher comparisons are impacting reported growth in our fluid power businesses in the interim, while ongoing inflation drove a more pronounced LIFO charge. Apart from these near-term variances, we believe the industrial cycle remains firm highlighted by above normal sequential growth in our Service Center segment and encouraging order/backlog momentum exiting the quarter in our Fluid Power & Flow Control segment.”