Applied Industrial Technologies’ (AIT) CEO Neil Schrimsher on Q2 2017 Results
Overall trends continuing in January
“So, I would say for us, as we move through the last quarter, the sales per day trends improved from October to November, and really for us through a large part of — a mid part of December. I think, as expected, we had some seasonal softness in comparison to around the holidays but we finished buying. And then, overall in January, I’d say the quarter trends are continuing. We’re showing modest improvements, I’d say, around year-over-year 1% with a few days to go.”
Improvements in oil and gas throughout the quarter
“Yes, but we think about our top industries. I think this past quarter, we had a few more positive, I think 14 out of the 30, still positives around those construction related industries. I think as expected lumber wood products, building materials. I think also in cement in aggregate, and as you talked with customers, there is probably some optimism around infrastructure type projects. They don’t see all of those today, but there’s belief that there will be investments, and those will be going forward.
Food has been steady and a good comparable. And then also in oil and gas and refining, as some of those related industries, just a little step-up or a pick-up in activity, and probably a little bit of optimism. And it’s still early. We touched on year-over-year, we still had a decline. Sequentially, as we move through the quarter in those businesses, we had improvements. So we think, as we go through the back half of our fiscal year and into 2017, we would expect some continued improvements in those markets.”