Applied Industrial Technologies (NYSE: AIT), Cleveland, OH, reported sales for the third quarter ended March 31, 2013, of $621.7 million, an increase of 2.7 percent compared to the same period a year earlier. Profit was essentially flat at $29.3 million.
For the first nine months, sales were $1.8 billion, an increase of 3.8 percent from the prior-year quarter. Profit increased 11.9 percent to $85.9 million.
“While overall our third quarter sales trend remained similar to the prior quarter, we did see month-over-month increases in sales per day in our U.S. service center and fluid power businesses. Consistent with the current levels of various economic production and capacity utilization indices, we remain optimistic about the industrial economy for the 2013 calendar year,” said CEO Neil Schrimsher.