Industrial distributor Applied Industrial Technologies, Cleveland, OH, reported fiscal 2009 sales decreased 8% to $1.9 billion from the previous year. Profit decreased to $42.3 million, down from $95.5 million in 2008.
Sales for the fourth quarter fell 19.7% to $425.2 million. Applied recorded a net loss for the period of $8 million, compared with profit of $24.4 million in the prior-year period.
Looking ahead, Applied expects most of its markets to remain soft in its fiscal 2010, and that it will continue to see competitive pricing pressures. The distributor says it has yet to see an upturn in sales trends.
