Applied Industrial Technologies Reports 13% 2Q Sales Increase
Applied Industrial Technologies, Cleveland, OH, reported a 13% increase in sales to $456.1 million for the fiscal 2006 second quarter ended Dec. 31, 2005. It recorded a 53% jump in profit.
For the six months ended Dec. 31, 2005, sales increased 10% to $899.3 million from $817.2 million in the same period last year. Profit was up 40% to $32.1 million, compared with $23 million last year.
Applied bumped up its sales guidance for the year to reach $1.8 billion in annual sales. Applied Industrial Technologies is an industrial distributor that offers more than 2 million parts to MRO and OEM customers. In the fiscal year ended 2005, Applied had sales of $1.72 billion. ...