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Sep 30, 2023
Applied Industrial Technologies Q1 2024 Earnings Report
Delivered a positive start to fiscal 2024 with EBITDA and EPS growing a respective 12% and 21% over the prior year.
Key Takeaways
Applied Industrial Technologies reported a 3.1% increase in net sales to $1.1 billion, with a 3.4% increase on an organic daily basis. Net income increased to $93.8 million, or $2.39 per share, and EBITDA was $133.4 million. The company is raising fiscal 2024 guidance.
Net sales increased by 3.1% year-over-year to $1.1 billion.
Net income increased by 21.3% year-over-year to $93.8 million, or $2.39 per share.
EBITDA increased by 12.3% year-over-year to $133.4 million.
The company is raising fiscal 2024 guidance.
Applied Industrial Technologies
Applied Industrial Technologies
Forward Guidance
For fiscal 2024, the Company now projects EPS of $9.25 to $9.80, sales growth of 1% to 4% including 0% to 3% on an organic daily basis, and EBITDA margins of 12.0% to 12.3%.
Positive Outlook
- EPS of $9.25 to $9.80
- Sales growth of 1% to 4%
- Organic daily sales growth of 0% to 3%
- EBITDA margins of 12.0% to 12.3%
- Guidance incorporates current economic uncertainty and assumptions of easing end-market demand near term, as well as ongoing inflationary and supply chain headwinds.
Challenges Ahead
- Current economic uncertainty
- Easing end-market demand near term
- Ongoing inflationary headwinds
- Ongoing supply chain headwinds
- Guidance does not assume contribution from future acquisitions.