Welcome to our dedicated page for Applied Indl Technologies news (Ticker: AIT), a resource for investors and traders seeking the latest updates and insights on Applied Indl Technologies stock.
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.
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