News 

Applied Industrial Technologies reported results for its fourth quarter and fiscal 2015 year ended June 30, 2015.

Net sales for the quarter were $677.5 million, an increase of 3.5% compared with $654.6 million in the same quarter a year ago. The overall sales increase for the quarter reflects a 6.5% increase from acquisition related volume, offset by a negative 2.4% foreign currency translation impact and a 0.6% decrease in our core underlying operations. Net income for the quarter was $28.0 million, or $0.70 per share, compared with $29.7 million, or $0.71 per share, in the fourth quarter of fiscal 2014.

For the 12 months ended June 30, 2015, sales were $2.75 billion, an increase of 11.9% compared to $2.46 billion last year, with acquisitions accounting for 11.4%. Net income was $115.5 million, or $2.80 per share, compared with $112.8 million, or $2.67 per share, in the prior year.

Commenting on the results, Applied's President & Chief Executive Officer Neil A. Schrimsher said, "While we report record sales and earnings per share for our fiscal 2015, we are not satisfied with the results. Our financials reflect the continued impact of reduced demand in certain industrial end markets as well as headwinds from foreign currency translation. We have taken action to reduce our operating expenses, and we will continue to be focused on effective cost controls and operating discipline in this economic environment.