Applied Industrial Technologies (NYSE: AIT), a distributor and technical solutions provider of industrial motion, fluid power, flow control, automation technologies and related maintenance supplies, reported sales for its fiscal 2023 fourth quarter ended June 30, 2023, were $1.2 billion, up 9.1% from the prior-year period.
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Net income for the quarter was $92.2 million, up 16.1% from the prior-year period.
Applied also reported sales for its 2023 full year were $4.4 billion, up 15.8% from the prior-year period. Net income for the full year was $343.1 million, up 32.9% from the prior year.
“We had a strong finish to fiscal 2023 with fourth-quarter sales, EBITDA and EPS exceeding our expectations,” said Neil A. Schrimsher, Applied’s CEO. “Sales grew a solid 9% organically over the prior year against challenging comparisons. While broader end-market activity was more mixed, underlying demand for our differentiated portfolio of technical solutions and service capabilities remained firm as secular tailwinds and our sales initiatives continued to gain momentum.”
