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Applied Industrial Technologies reports developments as a value-added distributor and technical solutions provider for industrial motion, fluid power, flow control, automation technologies, and related maintenance supplies. Its updates commonly cover fiscal results, organic sales trends, Service Center and Engineered Solutions performance, MRO and OEM demand, acquisition activity, dividends, share repurchase authorizations, and guidance.
The company serves maintenance, repair and operations, original equipment manufacturing, and new system installation applications through multi-channel distribution and technical service capabilities. News also reflects product categories such as bearings, power transmission, hydraulics, pneumatics, linear motion, belting, and industrial supplies.
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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.