Applied Industrial Technologies reported sales in its fiscal 2024 second quarter were up 1.6% year over year to $1.1 billion. Organic sales were down 0.1%.
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Profit was $91.2 million.
For the first six months of the fiscal year ended Dec. 31, 2023, sales were $2.2 billion, up 2.3%. Profit was $185 million.
“We remain constructive moving forward given the potential for reaccelerating sales and earnings growth from easing prior-year comparisons and abating technology sector headwinds, as well as sustained benefits from our internal initiatives,” said Neil Schrimsher, Applied president and CEO. “Furthermore, we expect technical MRO and capital spending requirements to remain heightened as customers modernize equipment and expand production facilities to meet a multi-year secular growth cycle across North America that is just beginning.”
