Industrial distributor Applied Industrial Technologies (NYSE: AIT), Cleveland, OH, reported sales for the fiscal year 2015 of $2.8 billion, up 11.9 percent year-over-year. Profit decreased 2.4 percent to $115.5 million.
For the fiscal fourth quarter ended June 30 sales were $677.5 million, an increase of 3.5 percent over the same period a year ago. Profit decreased 5.5 percent to $28 million.
"While the current industrial economy presents some challenges, we know we have growth opportunities with current and new customers," said Neil A. Schrimsher, president & CEO. "We are pleased with the recent acquisition of Atlantic Fasteners – a nice addition that builds on our Maintenance Supplies & Solutions? platform."