The 2020 Mid-Year Economic Update_long

Applied Industrial Technologies 1Q Sales Up 16%

Profit increases 8.5 percent in fiscal year's first quarter.

Applied Industrial Technologies (NYSE: AIT), Cleveland, OH, No. 10 on MDM's 2014 list of the top industrial distributors, reported sales for the first quarter ended September 30 of $702.3 million, an increase of 16 percent compared to the same period a year ago.

Profit increased 8.5 percent to $29.1 million.

"We are pleased to report a solid start to the fiscal year with double-digit sales and earnings per share growth for the quarter," said Applied President and CEO Neil A. Schrimsher. "Our overall sales increase reflects a 13.3 percent lift from our recent acquisitions and a 3.2 percent contribution from core underlying operations, offset by a negative foreign currency translation impact of 0.5 percent."

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