Applied Industrial Technologies (NYSE: AIT), Cleveland, Ohio, value-added distributor and technical solutions provider of industrial motion, fluid power, flow control, automation technologies and related maintenance supplies, reported sales for its fiscal 2022 first quarter ended Sept. 30, were $1.1 billion, up 19.1% from the prior-year period.
Net income for the quarter was $76.9 million.
“The first quarter was a strong start to our fiscal year with sales and EBITDA growth sustaining solid momentum across both segments,” said Neil A. Schrimsher, President and CEO. “Demand within our served end-markets remains relatively firm, and we are executing well on internal initiatives aimed at expanding our organic growth potential long term.
“At the same time, we remain focused on managing inflationary pressures and leveraging our operating structure. This is reflected by gross margin and EBITDA margin expansion, and a 45% year-over-year increase in EPS during the quarter. Overall, these results provide further evidence of our execution and the supportive tailwinds from our differentiated industry position, footprint, and strategy.”