Applied Industrial Technologies Reports Fourth Quarter and Full Year Fiscal 2024 Results; Issues Fiscal 2025 Guidance

Applied Industrial Technologies (NYSE: AIT), a leading value-added distributor and provider of engineered solutions for industrial motion, fluid power, flow control, automation technologies and related maintenance supplies, today reported results for the fourth quarter of fiscal 2024 and the full year ended June 30, 2024.

Net sales for the quarter increased 0.2% to $1.2 billion. The change includes a 1.5% increase from acquisitions and a 0.8% positive impact on the selling day, offset by a 0.1% negative impact from foreign currency translation. Excluding these factors, sales decreased 2.0% on an organic daily basis, reflecting a 0.7% decline in the Service Center segment and a 4.6% decline in the Engineered Solutions segment. The company reported net income of $103.5 million, or $2.64 per share, and EBITDA of $153.5 million. On a pre-tax basis, results included $0.3 million ($0.01 after-tax per share) in LIFO expenses compared to $8.1 million ($0.15 after-tax per share) in LIFO expenses in the prior year period.