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Applied Industrial Sales Decrease 11% in Second Quarter
Applied CEO: General market continues to be difficult.
Industrial distributor Applied Industrial Technologies (NYSE: AIT), Cleveland, OH, reported sales for the second quarter ended Dec. 31, 2009, decreased 11% to $446.3 million from the same period last year.
Profit for the quarter was $10.5 million, down from $16.2 million last year.
For the six months ended Dec. 31, 2009, sales were $883.9 million, down from $1,046,318,000 in the same period last year. Profit was $21,674,000 compared with $38,730,000 last year.
"The general market continues to be difficult," said Applied CEO David Pugh. "While some sectors have shown improvement in activity, there is a concern that it may be a transient response to stimulus initiatives. Other sectors, especially those impacted by new construction, are still declining. Overall, demand is low and tight competition has lead to gross margin pressure. Business activity is consistent with our expectations for a slow, protracted economic recovery."
For its fiscal year ended June 30, 2009, Applied posted sales of $1.9 billion.
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