The 2020 Mid-Year Economic Update_long

Applied Industrial Technologies Sales Down 0.6% in 3Q

Year-to-date sales down 0.9 percent.

Industrial distributor Applied Industrial Technologies (NYSE: AIT), Cleveland, OH, reported sales for the fiscal third quarter ended March 31 of $618 million, a 0.6 percent decrease year-over-year. Profit increased 3.8 percent to $30.4 million.

For the first nine months of the year, sales decreased 0.9 percent from the prior-year period to $1.8 billion. Net income decreased 3.3 percent to $83.1 million.

“We faced some market headwinds earlier in the quarter, and we made nice progress with our ERP business transformation," said Neil Schrimsher, president and CEO.

The company also announced it has acquired Reliance Industrial Products of Nisku, Alberta, Canada.

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