Applied Industrial Technologies Reports Q2 EPS of $.49 vs. $.44

Applied Industrial Technologies AIT today reported second quarter fiscal 2011 sales and earnings for the three months ended December 31, 2010. Net sales for the second quarter increased 18.7% to $529,517,000 from $446,253,000 in the comparable period a year ago. Net income for the quarter increased 102% to $21,193,000 or $0.49 per share compared to $10,487,000 or $0.24 per share last year. For the six months ended December 31, 2010, sales were $1,057,018,000 compared to $883,996,000 in the same period last year. Net income was $41,948,000 or $0.97 per share compared to $21,674,000 or $0.51 per share, last year.