CLEVELAND (Jan. 26)—A more efficient operation and an improving economy are paying off for Applied Industrial Technologies Inc., according to Chairman and CEO David L. Pugh.
The company recorded a 33-percent increase in net income to $5.1 million from $3.8 million for the fiscal second quarter ended Dec. 31. Sales rose 1 percent to about $360 million. For the first six months of the fiscal year, net earnings rose 28 percent to about $10 million from almost $7.8 million.
Pugh said Applied Industrial Technologies has demonstrated "good attention to detail in driving efficiencies in our operations. The discipline we have instilled should serve us well" when the economic recovery reaches the maintenance and repair sector.
"If the manufacturing sector continues on its current path, we should begin to see the benefits in our fourth quarter," he said. The firm makes parts for industrial and fluid power applications and provides customized mechanical, fabricated rubber and fluid power shop services.