Cleveland, OH – Applied Industrial Technologies reported first quarter fiscal 2014 sales and earnings for the three months ended September 30, 2013.
Net sales for the quarter were $605.3 million, a decrease of less than 1% when compared with $610.5 million in the same quarter a year ago. Net income for the quarter was $26.8 million, or $0.63 per share, compared with $29.5 million, or $0.70 per share, in the first quarter of fiscal 2013.
Commenting on the results, Applied’s President & Chief Executive Officer Neil A. Schrimsher said, “First quarter sales were below our expectations, as weaker industrial demand continued. Our earnings in the quarter were impacted by the lower volume along with our continued strategic investments across the Service Centers, Fluid Power businesses and Applied MSS.
“Based on the current industrial economic activity and near-term outlook, we are revising our full-year fiscal 2014 sales guidance to a range of $2.43 billion to $2.49 billion. Our full-year fiscal 2014 EPS guidance is revised to a range of $2.65 to $2.95 per share.
“While some economic uncertainty lingers, we are confident about our ability to perform in this industrial economy based on our strong market position, our dedicated associates, and our focused plan to accelerate growth and improve profitability. We are committed to expanding our value-add, extending our market reach, and enhancing our capabilities to serve our customers and generate shareholder