Applied Industrial Technologies – No. 13 on Industrial Distribution's 2014 Big 50 List – reported its 2015 third quarter sales and earnings on Thursday for the period ended March 31.
Total sales for the quarter were $680 million, an increase of 10 percent year-over-year from Q3 2014. Net income was $28.6 million, compared with $30.4 million last year.
Applied said the sales increase reflects a 10.6 percent increase from acquisitions and a 1.3 percent rise in organic growth, offset by a negative 1.9 percent currency headwind impact.
"The third quarter presented some challenges, including a deceleration of industrial market demand and foreign exchange headwinds," said Applied's President and Chief Executive Officer Neil A. Schrimsher. "We dealt with these challenges and headwinds in our top line growth through effective cost controls within the quarter, and we will take additional actions as we move towards completing our fiscal year."
For the nine-month period, sales increased 14.9 percent to $2.07 from the same period last year. Net income increased to $87.4 million from $83.1 million.
Applied said it is revising its full-year outlook to a sales increase of 11.5 to 13 percent.
"Overall, Applied is well-positioned – with a strong foundation, expanding capabilities, and a straightforward strategic plan," Schrimsher said. "We are focused on meeting the product, service and solution needs of current and new industrial customers."
