Applied Industrial Technologies said Thursday that its sales and earnings saw robust increases during the first quarter of its new fiscal year.
The Cleveland-based distributor of motion, fluid power and other industrial components said net sales rose from $892 million in the previous first quarter to $1.1 billion in the latest three-month window, an increase of more than 19%. Sales were up 19.4% on an organic basis, which excluded a slight increase due to acquisitions and a decline due to foreign currency rates.
Net income, meanwhile, came in at nearly $77 million for the quarter, which translated to earnings of $1.97 per share — up 45% year-over-year. The company’s EBITDA of $118.7 million was up more than 34% over that span.
Applied executives said demand across its end-markets remained “relatively firm” and that it was progressing on internal initiatives focused on long-term growth.
“Overall, these results provide further evidence of our execution and the supportive tailwinds from our differentiated industry position, footprint and strategy,” Applied President and CEO Neil Schrimsher said in a statement.
Schrimsher said the company raised its outlook for the 2023 fiscal year overall. Applied now anticipates 5% to 9% sales growth — up from the previous forecast of 3% to 7% — and earnings between $6.90 to $7.55 per share instead of the earlier $6.65 to $7.30.
Applied came in at no. 8 on Industrial Distribution's 2022 Big 50.
