Applied Industrial Technologies, Inc. (AIT) is based in Cleveland and distributes its industrial products in international markets, including Australia, New Zealand, and Singapore. The company announced its fiscal Q1 numbers yesterday, and it was encouraging to see that the $1.02 per share number beat consensus. We say encouraging because AIT's earnings record has been rather poor of late. At present, the firm has a market cap of just under $2.3 billion and trades with an earnings multiple of 17.24. This number is well below the company's 5-year average of 27.1. Furthermore, AIT's present book multiple