Industrial distributor Applied Industrial Technologies (NYSE: AIT), Cleveland, OH, No. 8 on MDM's list of the top 40 industrial distributors, reported sales for its fiscal 2010 ended June 30, 2010, were $1.89 billion, down 1.6 percent from 2009. Profit for the year was $65.9 million, up from $42.2 million last year.
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Sales for the fourth quarter were $523 million, up 23 percent from the prior-year period. Profit for the quarter was $27.7 million, up 85 percent from last year's fourth quarter.
CEO David L. Pugh said: "We began fiscal 2010 prepared for a tough industrial market. Our sales growth initiatives and operating disciplines helped us perform well during the first six months of the fiscal year despite ongoing weaknesses in the overall economy. We tightly managed expenses and assets which helped us take advantage of the significant sales increase we experienced in the second half as the economy improved. During the second half, and especially in the fourth quarter, our asset management efforts generated LIFO layer liquidation benefits that positively impacted our income statement.
\”Some industries such as housing are struggling. Manufacturing, which led the recovery, is relatively strong. While there is unusual uncertainty about where the industrial economy is headed over the next 12 months, we are still expecting growth in fiscal 2011."