Applied Industrial Technologies Q3 2021 Earnings Report
Key Takeaways
Applied Industrial Technologies reported a 1.2% increase in net sales to $840.9 million, with organic daily sales up 0.4%. Net income was $56.1 million, or $1.42 per share, while adjusted net income was $54.1 million, or $1.37 per share. The company highlighted improving end-market demand and a leaner cost structure driving favorable earnings growth.
Net sales increased by 1.2% year-over-year to $840.9 million.
Organic daily sales grew by 0.4%, driven by increases in the Service Center and Fluid Power & Flow Control segments.
Net income was reported as $56.1 million, or $1.42 per share.
Adjusted net income reached $54.1 million, or $1.37 per share, with adjusted EBITDA at $86.8 million.
Applied Industrial Technologies
Applied Industrial Technologies
Forward Guidance
The Company projects fiscal 2021 fourth quarter sales to increase 12% to 13% year over year on an organic basis.