Industrial distributor Applied Industrial Technologies (NYSE: AIT), Cleveland, reported sales of $856.4 million for its fiscal 2020 first quarter, down 0.9% over the same period in 2019. Profit fell 20.7% to $38.8 million.
“Our first quarter finished as expected with our team effectively managing through slower industrial demand,” said Applied’s President & CEO Neil A. Schrimsher. “Ongoing execution on gross margin helped balance softer sales, and our working capital initiatives drove seasonally strong free cash flow. While the demand environment remains subdued and uncertain, our sales trends are exhibiting some stabilization on a sequential basis and should benefit from easier comparisons going forward.”