Applied Industrial Technologies Sales Down 1.3% in 2Q - Modern Distribution Management

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Applied Industrial Technologies Sales Down 1.3% in 2Q

Profit declined 4.2 percent in the quarter.

Applied Industrial Technologies (NYSE: AIT), Cleveland, OH, reported sales for the second quarter ended Dec. 31, 2013, of $81.9 million, a decrease of 1.3 percent from the same quarter a year ago. Profit fell 4.2 percent to $25.9 million.

For the first six months of the fiscal year, sales were $1.19 billion, down 1.1 percent from the prior-year period. Profit fell 6.7 percent to $52.8 million.

"With weaker industrial demand in some key market segments, coupled with negative impacts on reported sales from foreign currency translation, our second quarter sales lagged the prior year," said Neil A. Schrimsher, president and CEO. "…Considering the current industrial macroeconomic indicators, we are well positioned to serve our customers' needs in this improving marketplace throughout calendar 2014."

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