Applied Industrial Technologies, Inc. - AIT STOCK NEWS

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.

Applied Industrial Technologies (NYSE: AIT) will release its fiscal 2021 first quarter financial results on October 28, 2020, before market opening. The quarter ended September 30, 2020. A conference call for analysts and investors will follow at 10 a.m. ET, featuring CEO Neil A. Schrimsher and CFO David K. Wells discussing the company's performance. A supplemental investor presentation will be available on their website for more insights. Interested parties can join the call via toll-free or international dial-in numbers provided in the announcement.