Industrial distributor Applied Industrial Technologies (NYSE: AIT), Cleveland, OH, reported sales for the fiscal third quarter ended March 31 of $679.3 million, a 7.3 percent increase year-over-year. The company reported profits of $29.5 million, compared to a loss of $44.7 million a year ago.
For the first nine months of the year, sales increased 1.4 percent from the prior-year period to $1.9 billion. Net income increased 2,206 percent to $80.9 million.
“Our results reflect a solid third quarter with continued sales per day improvements across our core operations and ongoing operational excellence activities throughout the business," said Neil A. Schrimsher, Applied’s president and CEO. "We are well-positioned to build on this momentum and deliver a strong finish to our fiscal 2017.”