The 2020 Mid-Year Economic Update_long

Applied Industrial Technologies Sales Jump 18.9% in 2Q

Company also sees double-digit income growth for fiscal second quarter.

Applied Industrial Technologies (NYSE: AIT), Cleveland, OH, reported sales for the fiscal second quarter ended Dec. 31, 2014, of $691.7 million, an increase of 18.9 percent from the same quarter a year ago. Profit grew 14.7 percent to $29.7 million.

For the first six months of the fiscal year, sales were $1.4 billion, up 17.4 percent from the prior-year period. Profit rose 11.5 percent to $52.8 million.

"Looking forward, we see an industrial economic environment that continues to present opportunities for organic and acquired growth," said Neil A. Schrimsher, president and CEO. "While the recent decline in oil prices creates some challenges, we are fully engaged in executing our acquisition integration plans as well as our broader growth initiatives across our industrial served markets.

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