CLEVELAND (Jan. 15)—Applied Industrial Technologies Inc. posted improved financial results for its second quarter and higher earnings for the first half.
Earnings for the three-month period jumped 33 percent to $5.1 million on sales of $359.7 million, a 1.1-percent increase. For the six months ended Dec. 31, sales dipped less than 1 percent to $720.9 million from $723.7 million, while income was up 28 percent to nearly $10 million.
David L. Pugh, Applied chairman and CEO, said improved conditions in the Canadian market offset a 1.5-percent decline in the U.S. market. The executive said the firm should start to see better results if the manufacturing sector continues on its current path.
In addition, Applied repurchased 96,000 shares of stock for $2.1 million by Dec. 31 and it can buy back up to an addition 1 million shares, the firm said.