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Applied Industrial Technologies, Inc. (NYSE: AIT) is a leading industrial distributor that provides over five million parts to maintenance, repair, and operations (MRO) and original equipment manufacturing (OEM) customers across virtually every industry. With fiscal 2014 sales of $2.5 billion, the company supplies critical products and services, including bearings, power transmission components, fluid power systems, industrial rubber products, and linear motion components. Applied Industrial Technologies also offers engineering, design, and systems integration services for industrial and fluid power applications, as well as customized mechanical and rubber fabrication services. Its offerings extend to maintenance training and inventory management solutions, adding significant value to its clientele.
The company operates more than 560 facilities and nine distribution centers, primarily in North America, Australia, and New Zealand. This extensive network supports a robust supply chain and ensures timely delivery of essential components. Recently, Applied Industrial Technologies has reported significant financial growth, with net sales reaching $1.1 billion, a 15.4% year-over-year increase, and net income of $97.2 million. The company’s EBITDA also saw a 29.2% increase to $140.3 million.
Applied continues to innovate and expand its services, as evidenced by the recent acquisition of Grupo Kopar, enhancing its automation platform and footprint in Mexico. The company's commitment to sustainability and responsible business practices is highlighted in its 2023 Environmental, Social & Governance (ESG) Report. The company’s strategic initiatives and robust financial health position it favorably within the industrial sector.
For more information, visit www.applied.com.
Applied Industrial Technologies (NYSE: AIT) will announce its fiscal 2021 fourth quarter and full-year financial results on August 11, 2021, before market opens. This announcement follows the end of the fourth quarter on June 30, 2021. An analyst conference call is scheduled for 10 a.m. ET on the same day to discuss performance and future outlook. Additionally, a detailed presentation will be accessible on the company's Investor Relations website. Interested parties can join the call by dialing provided numbers, and replays will be available for two weeks.
Applied Industrial Technologies (NYSE:AIT) has released its annual Product Catalog for 2021/2022, featuring over 30,000 industrial products for MRO and OEM customers. The catalog includes tools, bearings, power transmission components, safety products, and a 48-page Technical Section with vital resources such as formulas and troubleshooting guides. Print copies are available for free at over 300 service centers, while the digital version can be accessed via a mobile app or online. This catalog aims to simplify customer procurement processes, according to Jason Vasquez, VP of Sales & Marketing.
Applied Industrial Technologies (NYSE: AIT) has declared a quarterly cash dividend of $0.33 per common share, payable on August 31, 2021, to shareholders of record on August 16, 2021. Additionally, the Company will hold its Annual Meeting of Shareholders at 9:00 a.m. EDT on October 26, 2021, at its Corporate Headquarters in Cleveland, Ohio. The record date for this meeting is August 27, 2021.
Applied Industrial Technologies (NYSE: AIT) reported a 1.2% increase in net sales for its fiscal 2021 third quarter, totaling $840.9 million. The company achieved a net income of $56.1 million, or $1.42 per share, including a non-routine income of $2.6 million. Organic sales growth was modest at 0.4%. Looking ahead, the company projects a 12% to 13% increase in sales for the fourth quarter compared to the last year. A quarterly cash dividend of $0.33 per share was also declared, payable on May 28, 2021.
Applied Industrial Technologies (NYSE: AIT) will release its fiscal 2021 third quarter financial results on April 29, 2021, prior to market opening. The quarter ended on March 31, 2021. Investors and analysts can join the conference call at 10 a.m. ET on the same day, where key executives will discuss the company's performance. A detailed investor deck will be accessible on the company’s website. The call can be attended via phone or a live audio webcast, and replays will be available for two weeks following the event.
Applied Industrial Technologies (NYSE: AIT) reported a 9.9% decrease in net sales for Q2 fiscal 2021, totaling $751.3 million, down from $833.4 million the previous year. The company experienced a net loss of $5.3 million, or $0.14 per share, including a $49.5 million impairment charge. Adjusted net income was $38.4 million with an adjusted EBITDA of $68.3 million. Despite economic uncertainties, management remains optimistic about future growth, projecting a 3% to 4% decline in Q3 organic sales year-over-year. Additionally, a quarterly dividend increase to $0.33 per share was announced.
Applied Industrial Technologies (NYSE: AIT) announced its fiscal 2021 second quarter financial results release for January 28, 2021, before market opening. The fiscal quarter ended December 31, 2020. A conference call for investors and analysts will be held at 10 a.m. ET on the same day, featuring President & CEO Neil A. Schrimsher and CFO David K. Wells discussing performance metrics. A supplemental investor deck will be available on the Company's website for reference.
Applied Industrial Technologies (NYSE: AIT) has acquired Gibson Engineering Company, enhancing its automation product offerings. Gibson specializes in automation solutions, including machine vision and robotics, serving various industries from its Norwood, Massachusetts base. The acquisition aligns with Applied's growth strategy, leveraging Gibson's strong market presence in the U.S. Northeast and Mid-Atlantic. CEO Neil A. Schrimsher noted that this is the company's third acquisition in 16 months, reflecting its commitment to expanding specialized automation capabilities and growth opportunities.
Applied Industrial Technologies (AIT) reported a 12.7% decrease in net sales to $747.8 million for Q1 fiscal 2021, compared to $856.4 million the previous year. This decline includes a 1.1% increase from acquisitions but a 0.4% negative impact from foreign currency. Organic sales fell 13.4%, with the Service Center segment down 14.4% and Fluid Power & Flow Control down 11.2%. Net income was $34.8 million or $0.89 per share. Despite challenges, the company sees gradual improvement in customer activity, though guidance for FY 2021 remains uncertain.
Applied Industrial Technologies (NYSE: AIT) has acquired Advanced Control Solutions (ACS), enhancing its automation offerings with advanced technologies and engineering services. This acquisition strengthens Applied's competitive position in the automation market, tapping into ACS's established customer relationships and expertise in machine vision and robotics. Founded in 1998, ACS operates in key sectors like life sciences and industrial manufacturing across the Southeast U.S. The deal aims to create sales synergies and growth opportunities, aligning with Applied's strategic expansion into automation.
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