Applied Industrial Technologies (NYSE: AIT), Cleveland, Ohio, a value-added distributor and technical solutions provider of industrial motion, fluid power, flow control, automation technologies and maintenance supplies, reported sales for its fiscal 2023 second quarter ended Dec. 31, 2022, were $1.1 billion, up 20.9% from the prior-year period.
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Profit for the quarter was $80.5 million, up 40.8% from the prior-year period.
Year-to-date, sales were $2.1 billion, up from $1.7 billion in the same period a year ago.
“We had another solid quarter with organic sales growth exceeding 21% against difficult comparisons,” said Neil A. Schrimsher, president and CEO of Applied Industrial Technologies. “The broader U.S. manufacturing environment remained productive during the quarter, and we continue to benefit from our internal sales initiatives, industry position, and channel capabilities. Overall, these results further demonstrate our enhanced growth profile and earnings power as we capitalize on our strategy and various secular, structural, and company-specific tailwinds.”
