Applied Industrial Technologies continued its strong start to 2023 with an impressive fiscal second quarter.
Latest In Applied Industrial
For the month, MDM reported 22 mergers and acquisitions among industrial distributors, the lowest total since May.
Applied continued its investment in the automation industry with its fourth acquisition in that market since 2019.
In its fiscal 1Q 2023, Applied Industrial Technologies reported net sales of $1.1 billion and net income of $76.9 million.
This category can only be viewed by members. To view this category, sign up by purchasing MDM Premium Subscription (monthly) or MDM Premium Subscription (annual).
The Cleveland, Ohio-based company also says that full-year sales reached $3.8 billion, up 17.8% over last year.
This category can only be viewed by members. To view this category, sign up by purchasing MDM Premium Subscription (monthly) or MDM Premium Subscription (annual).
The Ohio-based distributor reported fiscal 2022 second-quarter net sales of $876.9 million and a net income of $57 million.
This category can only be viewed by members. To view this category, sign up by purchasing MDM Premium Subscription (monthly) or MDM Premium Subscription (annual).
In its fiscal first-quarter report, Applied Industrial Technologies reported more than $891 million in sales, a 19.2% increase over last year.
R.R.Floody adds a range of automation technologies and services to Applied Industrial Technologies’ portfolio.
The distributor’s earnings and revenue beat wasn’t surprising given a favorable comp, but a handful of tailwinds are keeping Applied’s optimism intact heading into the new fiscal year.
For the full year, Applied Industrial Technologies’ total 2021 fiscal sales were $3.24 billion, a decrease of 0.3% compared to last year.
After sales increase in the third quarter, Applied Industrial Technologies’ CEO is predicting an even better fourth quarter.
Like most companies, Applied continued to be impacted by the COVID-19 crisis and saw year-to-date sales fall 11.3% over the same period in 2019.
Applied’s addition of Massachusetts-based Gibson Engineering Company Inc. should boost distributor’s automation offering.
Applied Industrial Technologies hopes to grow revenue 40% to $4.5 billion in the coming years, and M&A will not surprisingly play a huge role in that ambitious pursuit. Here’s what company leaders said about their acquisition strategy moving forward.
Tough times continued for Applied Industrial Technologies in the company’s fiscal first quarter; the company’s sales dipped 12.7% and profit fell 10.3%.
Applied Industrial Technology's latest addition will help expand the company’s automation offering as well as its geographic reach in the Southeast U.S.
August has brought some more good news to the U.S. economy in general and distribution in general based on the latest round of data reports showing continued momentum, but the industry has plenty of work yet to complete.
