Applied Industrial Technologies (NYSE: AIT), Cleveland, Ohio, a value-added distributor and technical solutions provider of industrial motion, fluid power, flow control and automation technologies, announced sales for its fiscal 2023 third quarter were $1.1 billion, up 15.4% from the prior-year period.
Net income for the quarter was $97.2 million, up 42.3% from the prior-year period. Net sales for the first nine months of fiscal 2023 totaled $3.25 billion, up 18.2% from the prior-year period.
Sales increased 15% on an organic basis reflecting a 16.1% increase in the Service Center segment and a 13.1% increase in the Engineered Solutions segment.
“We reported another solid quarter as sales grew over 15% with ongoing support from our industry position,” said Neil A. Schrimsher, Applied’s President & Chief Executive Officer.
“We continued to expand gross margins while remaining focused on managing costs given the current backdrop. These dynamics drove strong EBITDA margin expansion and earnings growth.”