Applied Industrial Technologies (NYSE: AIT), Cleveland, Ohio, on Wednesday reported $891.7 million in fiscal 2022 first-quarter sales, a 19.2% increase over the previous year.
The change includes a 2.1% increase from acquisitions and a 0.8% increase from foreign currency translation.
The company also reported $53 million in profit, or $1.36 per share.
“We started fiscal 2022 on a positive note with sales, EBITDA, and EPS all achieving record first quarter levels,” said Neil A. Schrimsher, Applied’s president and CEO. “We are effectively managing through industrial supply chain and inflationary headwinds year to date. This is highlighted by solid organic growth and EBITDA margin expansion during the quarter, as well as a build in inventory levels supporting near-term growth opportunities. At the same time, our cash generation remains strong and we continue to execute on our strategic growth plan, including expansion of our automation platform with the August 2021 acquisition of R.R. Floody Company.”
Applied ranks No. 11 on MDM’s Top Distributors list for industrial construction distributors, with $3.1 billion in 2020 revenue.
The company also ranks first on MDM’s list of top fluid power distributors and second among top power transmission and bearings distributors.