The 2020 Mid-Year Economic Update_long

Applied Industrial Technologies Sales Grow 18.7% in 2Q

In fiscal 2011 second quarter, sales were fueled by 'recovering industrial economy,' Applied CEO says.

Applied Industrial Technologies (NYSE: AIT), Cleveland, OH, No. 8 on MDM's list of the top 40 industrial distributors, reported sales for the second quarter fiscal 2011 ended Dec. 31, 2010, were up 18.7 percent to $529.5 million. Profit for the quarter was $21.2 million.

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For the six months ended Dec. 31, 2010, sales were $1.1 billion, compared with $883.9 million in the same period a year ago. Profit was $41.9 million.

"We were once again pleased with the strength of our quarterly results, and with our ability to efficiently convert sales increases to proportionately higher levels of profitability," said David L. Pugh, Applied's CEO. "Our strong performance is fueled by the recovering industrial economy and, in particular, exceptional results within those segments of our fluid power business that provide products and solutions for automation and machine control applications."

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