Cleveland, OH – Applied Industrial Technologies reported second quarter fiscal 2014 sales and earnings for the three months ended December 31, 2013.
Net sales for the quarter were $581.9 million, a decrease of 1.3% compared with $589.5 million in the same quarter a year ago. Net income for the quarter was $25.9 million, or $0.61 per share, compared with $27.0 million, or $0.64 per share, in the second quarter of fiscal 2013.
For the six months ended December 31, 2013, sales decreased 1.1% to $1.19 billion from $1.20 billion in the same period last year. Net income was $52.8 million, or $1.24 per share, compared with $56.6 million, or $1.33 per share, last year.
Commenting on the results, Applied’s President & Chief Executive Officer Neil A. Schrimsher said, “With weaker industrial demand in some key market segments, coupled with negative impacts on reported sales from foreign currency translation, our second quarter sales lagged the prior year. We remain disciplined on our operating costs and focused on driving continuous improvements across our business.
“Considering the current industrial macroeconomic indicators, we are well positioned to serve our customers’ needs in this improving marketplace throughout calendar 2014. We are maintaining our full-year fiscal 2014 guidance for earnings per share between $2.65 and $2.95 per share, on expected sales of $2.43 billion to $2.49
