Applied Industrial Technologies, Cleveland, OH, reported sales increased 4% in the second quarter 2007 to $472.36 million. Profit grew 21% to $18.5 million.
For the six months ended Dec. 31, 2006, sales increased 7% to $964.9 million from $899.3 million in the same period last year. Profit was up 23% to $39.7 million.
Applied CEO David Pugh said: Although our sales growth was softer than we expected, we believe the economic outlook suggests continued growth through our fiscal year.  ; We are actively managing our business and are working to keep costs in line with the slower pace of the economy. Based on the current state of the industrial economy, and with six months of results under our belt, we now expect our year-end sales to be in the range of $2.01 to $2.04 billion.”