Cleveland, OH-based Applied Industrial Technologies reported third-quarter sales were up 1.7% to $530.1 million from the prior-year period. Profit for the quarter was up 8.7% to $23.6 million.
For the nine months ended March 31, 2008, sales increased 5% to $1.6 billion. Profit increased 15.7% to $71 million.
Sales during the quarter were impacted by the continued deterioration of the housing and the automotive markets, and this weakness appears to be migrating into other sectors as consumers and businesses are becoming a bit more anxious about the economy," said David L. Pugh, CEO. "While we do not expect significant economic improvement during the fourth quarter, based on our results to date and the continued strength in our operational controls, we expect fiscal 2008 sales to be within the lower range of our previously issued guidance of $2.10 billion to $2.18 billion."
Applied Industrial Technologies is an industrial distributor with annual sales of $2 billion.