Applied Indl Technologies Inc Stock Price, News & Analysis

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.

Applied Industrial Technologies (NYSE: AIT) will release its fiscal 2023 first quarter financial results on October 27, 2022, before market opens. The quarter ended on September 30, 2022. A conference call is scheduled for 10 a.m. ET on the same day, allowing analysts and investors to discuss the Company’s performance and future outlook. Participants can join via telephone or online. A supplemental presentation detailing the quarter's results will be available on the Company’s website.

Applied Industrial Technologies (NYSE: AIT) has been recognized as a 2022 NorthCoast 99 award winner for the 21st time. This award, presented by the Employers Resource Council, honors organizations in Northeast Ohio that excel in creating an outstanding workplace. The evaluation process considers aspects such as employee engagement, talent development, and diversity. Kurt Loring, VP of HR, highlighted this recognition as a testament to the company's commitment to talent development and employee success.

Applied Industrial Technologies (NYSE: AIT) has appointed Shelly M. Chadwick, Vice President and CFO of Materion Corporation (NYSE: MTRN), to its Board of Directors. Chadwick brings over 20 years of financial and operational experience, previously holding senior roles at The Timken Company and other organizations. Chairman Peter C. Wallace welcomed her addition, stating it will enhance governance during a critical growth phase as the company approaches its centennial. The board now consists of nine members, with eight being independent.

Applied Industrial Technologies reported strong fourth quarter results for fiscal 2022, with net sales of $1.1 billion, marking an 18.5% increase year-over-year. Net income was $79.1 million or $2.02 per share, reflecting a 34.4% increase. Full-year net sales reached $3.8 billion, up 17.8% year-over-year, while net income totaled $257.4 million with an EPS of $6.58. The company announced a new 1.5 million share repurchase program and provided fiscal 2023 EPS guidance of $6.65 to $7.30, reflecting ongoing economic uncertainties.

Applied Industrial Technologies (NYSE: AIT) has launched its new 2022/2023 Applied® Product Catalog, featuring nearly 30,000 maintenance and industrial items from over 180 manufacturers. The catalog offers a diverse selection ranging from bearings and belts to hydraulic components and safety items, serving both MRO and OEM customers. It includes technical information and troubleshooting guides to help professionals reduce downtime and enhance productivity. The catalog is available in print and digital formats, accessible via the company's website and mobile app.

Applied Industrial Technologies (NYSE: AIT) announced the release of its fiscal 2022 fourth quarter and full-year financial results on August 11, 2022, before market opening. The quarter ended on June 30, 2022. A conference call with analysts and investors is scheduled for 10 a.m. ET on the same date. Participants can dial in at 877-210-1510 (toll free) or listen via a live webcast on the company’s website. Replays will be available for two weeks following the call.

The Board of Directors of Applied Industrial Technologies (NYSE: AIT) has announced a quarterly cash dividend of $0.34 per common share. This dividend is payable on August 31, 2022, to shareholders on record as of August 15, 2022. Additionally, the company's Annual Meeting of Shareholders is scheduled for 9:00 a.m. EDT, on October 25, 2022, at its Corporate Headquarters in Cleveland, Ohio. The record date for voting eligibility is August 26, 2022.

Applied Industrial Technologies reported a strong fiscal 2022 third quarter, achieving net sales of $980.7 million, a 16.6% year-over-year increase. The company also posted net income of $68.3 million or $1.75 per share, and an EBITDA of $108.6 million.

Due to robust performance, the company raised its fiscal guidance for EPS to $6.15 to $6.25 and projected sales growth of 14.8% to 15.3%. The company will also pay a quarterly dividend of $0.34 per share.