Applied Industrial Technologies Announces Fourth Quarter Revenue of $1 Billion

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Applied Industrial Technologies Inc. on Thursday announced a record quarter to end its latest fiscal year.

The Cleveland retailer said net sales in its fiscal fourth quarter jumped 18.5% from the same quarter last year, rising from $896 million to a new quarterly record of $1.1 billion. dollars. Organic sales increased 18.7% and acquisitions added 0.3%, but foreign currency translation weighed on the numbers by 0.5%. Sales in the company’s service center segment increased 21%, while its hydraulic power and flow control segment recorded a 14% increase.

Applied reported quarterly net income of $79 million – or $2.02 per diluted share – and EBITDA of $120 million. Both also set new records.

For the full fiscal year, Applied reported revenue of $3.8 billion, an increase of 17.8% from $3.2 billion a year earlier. Net income increased from $145 million to $257 million year-over-year, resulting in an increase in earnings per share from $3.68 to $6.58.

Company executives noted that Applied had a strong month of June despite inflation and supply chain issues, and that they had yet to see “significant signs of a slowdown” in the future. fiscal 2023 is approaching. The company issued a profit forecast of $6.65 to $7.30 per share for the new year, which would reflect sales growth of 3% to 7%.

The company also announced its intention to repurchase up to 1.5 million shares of the company.

“As we enter fiscal 2023, organic sales are up half a percent through early August from prior year levels, while order and backlog trends remain positive,” Applied President and CEO Neil Schrimsher said in a statement. “We are aware of the greater economic uncertainty that has unfolded in recent months and know how to execute if industrial activity were to slow.”

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