Applied Industrial Technologies (NYSE: AIT) of Cleveland, Ohio, reported fiscal 2022 second-quarter sales of $876.9 million, a 16.7% increase over same period a year prior.
Applied also reported a 2Q net income of $57 Million, or $1.46 Per Share, and EBITDA of $92.6 Million. The company’s quarterly dividend also increased to $0.34 per share.
“We had a strong second quarter with sales, EBITDA, and EPS increasing approximately 17%, 36%, and 49% over prior-year adjusted levels, respectively,” said Neil A. Schrimsher, Applied president and CEO. “Sales growth accelerated as the quarter progressed reflecting positive industrial activity and solid execution across our expanding addressable market. At the same time, our team is responding well to broader inflation and supply chain dynamics with gross margins and EBITDA margins improving during the quarter. Overall, the performance demonstrates our operational focus and earnings potential as we leverage our leading technical industry position and local domain expertise across an expanding industrial backdrop.”
Applied is a value-added distributor and technical solutions provider of industrial motion, fluid power, flow control and automation technologies.