Applied Industrial Technologies reported its 2021 third quarter financial results on April 28, showing strong year-over-year sales and profit growth for the Cleveland-based distributor.
The provider of industrial motion, fluid power, flow control, automation technologies and maintenance supplies reported total sales of $981 million for the January-March period, up 16.6% year-over-year, with organic sales up 14.7%. The organic increase reflected a 13.6% increase in Applied’s Service Center segment (68% of business) and a 17.1% increase in its Fluid Power & Flow Control segment (32% of business).
Applied posted a 3Q net profit of $68 million, up 21.8% year-over-year, and operating profit of $96 million that likewise jumped 28.7%.
Looking ahead, Applied is forecasting continued strong sales growth in the high-single digits for its April-June 4Q period.
“Positive demand trends are persisting across our business with organic sales month to date in April up by a low double-digit percent year over year,” Applied president and CEO Neil Schrimsher said in the company’s 3Q earnings release.
Applied’s 3Q earnings presentation showed that the company has 568 service facilities, over 3,200 customer-facing associates and 7.5 accessible product SKUs. 86% of the company’s sales are in the U.S., followed by 8% in Canada. General Industry and Industrial Machinery comprise the company’s two largest customer segments at 37% and 15% of business, respectively, followed by Food & Beverage (10%), Metals (9%) and Forest Products (8%).