Applied Industrial Technologies, Cleveland, OH, reported sales for its fiscal year ended June 30, 2006, increased by 10.7% to $1.9 billion from $1.7 billion in fiscal 2005. Net income rose 30.6% to $72.3 million versus $55.3 million the previous year.
Sales for the fourth quarter increased 11.2% to $504 million from $453.3 million in the same period a year ago. Net income increased 26.2% to $20 million compared with $15.9 million last year.
Commenting on results, Applied Chairman and CEO David L. Pugh said, “Fiscal 2006 was a record sales year for Applied as the economy remained strong and we completed two strategic acquisitions, Spencer Fluid Power and Minnesota Bearing Company.”
With more than 450 facilities and 4,600 employee-associates across
For more details on Applied’s earnings, click here.
Applied Industrial Buys Minnesota Bearing Co.
Applied Industrial Technologies Acquires Spencer Industries