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Sep 30, 2022
Applied Industrial Technologies Q1 2023 Earnings Report
Reported a strong start to fiscal year 2023 with sales and EBITDA growth sustaining solid momentum across both segments.
Key Takeaways
Applied Industrial Technologies reported a strong first quarter with net sales up 19.1% to $1.1 billion and EPS up 45% to $1.97. The company is raising its fiscal year 2023 guidance following the strong performance.
Net sales increased 19.1% year-over-year to $1.1 billion.
Net income was $76.9 million, with EPS of $1.97, up 45.0% year-over-year.
EBITDA increased 34.2% year-over-year to $118.7 million.
Fiscal year 2023 guidance was raised following first quarter performance.
Revenue by Segment
Forward Guidance
The Company now projects EPS of $6.90 to $7.55, sales growth of 5% to 9%, including 6% to 10% on an organic basis and EBITDA margins of 10.9% to 11.2%.
Positive Outlook
- EPS of $6.90 to $7.55
- Sales growth of 5% to 9%
- Organic sales growth of 6% to 10%
- EBITDA margins of 10.9% to 11.2%
- Organic sales month to date in October are up by approximately 20% year-over-year
Challenges Ahead
- Ongoing economic uncertainty
- Inflationary pressures
- Supply chain headwinds
- Guidance does not assume contribution from potential future acquisitions
- Mindful of ongoing macro uncertainty that could slow industrial activity and growth in coming quarters
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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