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Applied Industrial Technologies Inc (AIT) delivers essential industrial distribution solutions and engineered services across MRO and OEM markets. This dedicated news hub provides investors and industry professionals with centralized access to official corporate developments and market-moving updates.
Discover timely announcements including financial results, strategic partnerships, product innovations, and leadership changes. Our curated collection features press releases covering operational expansions, technological advancements in fluid power systems, and maintenance solution enhancements.
Key updates include earnings disclosures, supply chain initiatives, and industry recognition milestones. Bookmark this page for direct access to AIT's verified communications about inventory management innovations and engineering service expansions. Check regularly for authoritative updates reflecting the company's position in industrial distribution markets.
Applied Industrial Technologies (NYSE: AIT) reported strong fiscal 2023 third-quarter results, with net sales rising 15.4% year-over-year to $1.1 billion. Organic growth was 15.0%, driven by a 16.1% increase in the Service Center segment and 13.1% growth in Engineered Solutions. Net income was $97.2 million, or $2.47 per share, and adjusted net income reached $93.5 million, or $2.38 per share. EBITDA increased by 29.2% to $140.3 million. The company updated its fiscal 2023 guidance to reflect an expected adjusted EPS of $8.47 to $8.60 and sales growth of 14% to 15%. Additionally, a quarterly cash dividend of $0.35 per common share was announced. Despite ongoing economic uncertainty, the company is positioned for sustained growth.
Applied Industrial Technologies (NYSE: AIT) will release its fiscal 2023 third quarter financial results on April 27, 2023, before the market opens. The quarter ended on March 31, 2023. A conference call is scheduled for 10 a.m. ET on the same day to discuss performance and outlook. Analysts and investors can access the call by dialing 800-945-5981 (toll-free) or 212-231-2929 (international) using reservation number 22026611. A supplemental presentation will be available on the Company’s Investor Relations website. Replays will be accessible for two weeks post-call.
Applied Industrial Technologies (NYSE: AIT) announced its acquisition of Advanced Motion Systems Inc. to enhance its automation platform. Although the transaction value was not disclosed, this acquisition strengthens Applied's capabilities in machine vision, robotics, and motion control technologies.
Neil A. Schrimsher, President & CEO, emphasized the alignment of AMS with their solutions-centric strategy and the expected expansion in U.S. Upper Northeast region. AMS's team and expertise are anticipated to bolster Applied's technical position across various industries including medical and automotive.
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