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Sep 30, 2020
Applied Industrial Technologies Q1 2021 Earnings Report
Net sales decreased by 12.7% year-over-year, with a 13.4% organic decline, while net income reached $34.8 million, and free cash flow amounted to $78.2 million.
Key Takeaways
Applied Industrial Technologies reported a decrease in net sales by 12.7% to $747.8 million, and a net income of $34.8 million, or $0.89 per share. The company's free cash flow was $78.2 million.
Net sales decreased 12.7% year-over-year to $747.8 million.
Organic sales declined 13.4% due to decreases in the Service Center and Fluid Power & Flow Control segments.
Net income was reported at $34.8 million, or $0.89 per share.
Free cash flow reached $78.2 million.
Applied Industrial Technologies
Applied Industrial Technologies
Forward Guidance
The company projects second quarter fiscal 2021 sales to decline 13% to 14% year over year on an organic basis. The recent ACS acquisition is expected to contribute approximately $6 million in sales during second quarter fiscal 2021.