Applied Industrial sales for ‘08 reach $2.1 billion
Industrial Distribution staff -- Industrial Distribution, 8/8/2008 7:36:00 AM
Applied Industrial Technologies had fiscal 2008 sales of $2.1 billion, up 3.7 percent from approximately $2 billion in 2007.Net income for ’08 rose 11 percent to $95.5 million, up from $86 million in the previous year.
The Cleveland-based distributor of power transmission/motion control products had net sales for the fourth quarter of $529.7 million as opposed to $528 million in fourth quarter of last year.
Net income for fourth quarter of 2008 was $24.4 million, down slightly from $24.6 million a year ago.
“While our financial performance was strong, we definitely saw the effect of a slowing economy during the second half of our fiscal year with only half of our top 30 industries showing positive growth,” said Applied chairman & CEO David Pugh. “Our sales to the forest products industry and the transportation industry, historically strong markets for us, were especially soft.”
Earlier this year, AIT acquired VYCMEX and Suministros Industriales Enol, two Mexico-based distributorships. In July, AIT acquired Fluid Power Resource and seven of its subsidiaries.
"While these acquisitions had little impact on our 2008 sales and earnings, they will provide a nice boost going forward,” Pugh said
Applied Industrial Technologies was ranked 11th on Industrial Distribution’s Big 50 list with 2007 sales of approximately $2 billion.
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