Applied Industrial Technologies (NYSE: AIT) reported net sales for its fiscal 2022 third quarter ending March 31, 2022, were up 16.6% year-over-year at $980.7 million. Net Income was $68.3 million.
The growth includes a 0.4% increase from acquisitions and a 1.6% benefit from an extra selling day. Sales increased 14.7% on an organic daily basis, reflecting a 13.6% increase in the Service Center segment and a 17.1% increase in the Fluid Power & Flow Control segment.
“We had another strong quarter with sales and earnings achieving new records. Underlying business momentum strengthened further during the quarter, while our technical industry position is supporting greater growth opportunities and our ability to effectively manage through ongoing inflationary pressures industry-wide,” Applied Industrial Technologies President and CEO Neil A. Schrimsher said.
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