Cleveland, OH – Applied Industrial Technologies today reported third quarter fiscal 2013 sales and earnings for the three months ended March 31, 2013.
Net sales for the third quarter increased 2.7% to $621.7 million from $605.5 million in the comparable period a year ago. Net income for the quarter was $29.3 million, or $0.69 per share, essentially flat compared with the third quarter of 2012.
For the nine months ended March 31, 2013, sales increased 3.8% to $1.82 billion from $1.76 billion in the same period last year. Net income increased 11.9% to $85.9 million from $76.7 million, and earnings per share increased 12.8% to $2.02 per share from $1.79 per share, last year.
Commenting on the Company’s performance, Applied’s Chief Executive Officer Neil A. Schrimsher said, “While some economic uncertainty persisted in our third quarter, we translated modest sales growth into solid earnings – benefiting from our business investments, efficiency gains and disciplined cost controls. While overall our third quarter sales trend remained similar to the prior quarter, we did see month-over-month increases in sales per day in our U.S. service center and fluid power businesses. Consistent with the current levels of various economic production and capacity utilization indices, we remain optimistic about the industrial economy for the 2013 calendar year.
“We enter our fourth quarter debt free, with a strong balance sheet, and with a shared determination to serve our customers and profitably grow our business – organically, via acquisition and through our technology investments.
“Looking ahead, we remain on track to meet our previously stated fiscal 2013 earnings guidance of $2.70 to $2.90 per share on sales growth expectations of 4% to 7%,” said Schrimsher.
In addition, Mr. Schrimsher announced today that the Company’s Board of Directors declared a quarterly cash dividend of $0.23 per common share, payable on May 31, 2013, to shareholders of record on May 15, 2013.