Cleveland-based Applied Industrial Technologies (NYSE: AIT), a 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 2024 first quarter ended Sept. 30, 2023, of $1.1 billion. That was up 3.1% over the prior-year period.
Organic sales growth was 3.4%, reflecting a 4.7% increase in the Service Center segment and a 0.6% increase in the Engineered Solutions segment.
Profit was $93.8 million.
“Underlying demand within our core Service Center segment was resilient reflecting steady factory utilization and break-fix activity within the U.S. industrial manufacturing sector, as well as internal sales initiatives,” said Neil A. Schrimsher, Applied’s president and CEO. “In addition, secular growth tailwinds and end-market diversification are helping balance slower activity across the technology sector and ongoing supply chain headwinds within our Engineered Solutions segment. We also announced two bolt-on Service Center acquisitions during the quarter that strengthen our growth potential along the Eastern U.S.”