Applied Industrial Technologies (NYSE: AIT), a distributor and technical solutions provider of industrial motion, power fluid, flow control, automation technologies and related maintenance supplies, announced sales rose 19.1% to $1.1 billion for the first quarter of the fiscal year 2023. The company reported a net income of $76.9 million.
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Sales growth includes a 0.2% increase from acquisitions, partially offset by a negative 0.5% impact from foreign currency translation. Organic sales growth during the quarter was 20.3% in the Service Center segment and 17.8% in the Engineered Solutions (previously Fluid Power & Flow Control) segment.
“The first quarter was a strong start to our fiscal year, with sales and EBITDA growth sustaining solid momentum across both segments. 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,” Applied President and CEO Neil A. Schrimsher said.