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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.
Applied Industrial Technologies (NYSE: AIT) announced the appointment of Jon S. Ploetz as Vice President, General Counsel & Secretary, succeeding Fred D. Bauer, who retired after 30 years. Ploetz, previously at Harsco Corporation, brings over 20 years of legal expertise across corporate governance and M&A. His educational background includes a Bachelor's in Statistics and Management from Luther College and a Juris Doctor from the University of Colorado School of Law. The transition marks a strategic move as the company advances its long-range growth plan and governance practices.
Applied Industrial Technologies (NYSE: AIT) has launched its fifth edition of the Applied Maintenance Supplies & Solutions (Applied MSS) Master Product Catalog. This comprehensive catalog features over 47,000 maintenance products tailored for Maintenance, Repair, Operations, and Production (MROP) customers. The product range includes Fasteners, Electrical, Safety, and more, organized for easy navigation. Enhanced inventory management capabilities are highlighted, promoting reduced downtime and increased productivity for clients. Customers can access the catalog online or request a print copy, showcasing Applied MSS’s commitment to delivering innovative solutions.
Applied Industrial Technologies reported net sales of $1.1 billion for fiscal Q2 2023, up 20.9% year-over-year, achieving an organic growth of 21.1%. The company recorded net income of $80.5 million, translating to an EPS of $2.05, reflecting a 40.8% increase YoY. EBITDA rose to $125.5 million, indicating a 35.6% growth. The quarterly dividend increased to $0.35 per share. The company raised its fiscal 2023 guidance, projecting EPS between $8.10 and $8.50, and sales growth of 13% to 15%.
Applied Industrial Technologies (NYSE: AIT) will release its fiscal 2023 second quarter financial results on January 26, 2023, before market opening. The quarter ended December 31, 2022. A conference call will follow at 10 a.m. ET to discuss performance and outlook. Investors can access a supplemental presentation on the Company's website. Replays will be available for two weeks post-call. Applied is a key distributor and solutions provider in industrial motion and related sectors, serving a diverse range of end users.
Applied Industrial Technologies (AIT) has acquired Automation, Inc., a company specializing in automation solutions such as machine vision and robotics. This strategic move aims to enhance AIT's automation offerings and expand its footprint in the U.S. Upper Midwest.
CEO Neil A. Schrimsher noted the acquisition aligns with AIT’s growth strategy and capitalizes on increasing demand for advanced automation technologies. Automation, Inc. brings valuable relationships and expertise beneficial for AIT's market expansion.
Applied Industrial Technologies (AIT) reported a robust fiscal Q1 2023, with net sales reaching $1.1 billion, a 19.1% increase year-over-year. Net income stood at $76.9 million, translating to EPS of $1.97, up 45% YoY. EBITDA rose 34.2% to $118.7 million. The company is raising its fiscal 2023 guidance, now projecting EPS of $6.90 to $7.55 and sales growth of 5% to 9%. A quarterly dividend of $0.34 per share was also announced.
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