Industrial distributor Applied Industrial Technologies (NYSE: AIT), Cleveland, OH, reported sales for the fiscal third quarter ended March 31 of $633.2 million, a 6.9 percent decrease year-over-year. The company reported a loss of $44.7 million, compared to a profit $28.6 million a year ago.
For the first nine months of the year, sales decreased 9.1 percent from the prior-year period to $1.9 billion. Net income decreased 96 percent to $3.5 million.
“We continue to respond to the energy market challenges by decreasing ongoing operating expenses and positioning Applied for future value creation," said Neil A. Schrimsher, president and CEO. "We have implemented restructuring activities within our upstream oil and gas focused operations to reduce our operating expenses and de-risk our balance sheet."