Applied Industrial Technologies (NYSE: AIT), Cleveland, Ohio, value-added distributor and technical solutions provider of industrial motion, fluid power, flow control and more, reported sales for its fiscal 2022 ended June 30, 2022, were $3.8 billion, up 17.8% from 2021.
Net profit for the full-year was $257.4 million, up 38.8% from the prior-year period.
Applied also reported sales for its fiscal 2022 fourth quarter ended June 30, 2022, were $1.1 billion, up 18.5% from the prior-year period.
Net profit for the fourth quarter was $79.1 million, up 34.4% from the prior-year period.
“Overall, our consistent outperformance over the past year is a reflection of our talented associates, differentiated industrial position, and operational discipline. I am extremely proud of our team and what we accomplished in fiscal 2022,” said Neil Schrimsher, President and CEO. “As we move into fiscal 2023, organic sales are up by a mid-teens percent through early August to prior-year levels, while order and backlog trends remain positive. We are mindful of greater economic uncertainty that has manifested in recent months, and know how to execute if industrial activity were to slow.”