Cleveland, Ohio -- Higher sales, two acquisitions, cost controls and effective management of inventories and other assets helped Applied Industrial Technologies (AIT) record a 30.6 percent hike in net profits for the 2006 fiscal year.
The company -- which provides engineering, design and systems integration for industrial and fluid power applications, as well as customised mechanical, fabricated rubber and fluid power shop services - said its yearly sales rose by 10.7 percent to $1901 million (â‚¬1478 million).
Fourth quarter net profits and sales hit record levels, with net income rising by 26.2 percent to $20.2 million and sales 11.2 percent to $504.2 million.
''Fiscal 2006 was a record sales year for Applied as the economy remained strong and we completed two strategic acquisitions, Spencer Fluid Power and Minnesota Bearing Company,'' AIT chairman and chief executive David Pugh said.
''Asset control remains a strong focus and we continue to generate significant cash flows from operations.
''Our cash balances and financial strength have us well positioned to pursue strategic growth opportunities as they are identified.''
Pugh expected a growth in sales between seven and 10 percent to $2090 million in the 2007 fiscal year.