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Mar 31, 2023
Applied Industrial Technologies Q3 2023 Earnings Report
Applied Industrial Technologies reported Q3 2023 earnings with a 15.4% increase in net sales and strong earnings growth.
Key Takeaways
Applied Industrial Technologies reported a strong third quarter with net sales increasing by 15.4% to $1.1 billion. The company's net income was $97.2 million, or $2.47 per share, and adjusted net income was $93.5 million, or $2.38 per share. The company is updating its fiscal year 2023 guidance to reflect this performance.
Net sales increased by 15.4% year-over-year to $1.1 billion.
Net income was reported at $97.2 million, or $2.47 per share.
Adjusted net income reached $93.5 million, or $2.38 per share, up 36.3% year-over-year.
Fiscal year 2023 guidance was updated to reflect the third quarter performance.
Applied Industrial Technologies
Applied Industrial Technologies
Forward Guidance
The Company now projects EPS of $8.47 to $8.60 on an adjusted basis, sales growth of 14% to 15%, and EBITDA margins of 11.7% to 11.8% for fiscal year 2023.
Positive Outlook
- EPS of $8.47 to $8.60 on an adjusted basis
- Sales growth of 14% to 15%
- EBITDA margins of 11.7% to 11.8%
- Customer feedback remains generally positive
- Internal initiatives and technical capabilities are supporting new growth opportunities
Challenges Ahead
- Guidance incorporates ongoing economic uncertainty
- Guidance incorporates inflationary pressures
- Expect underlying market demand and orders to continue to moderate near term
- Broader industry activity normalizes
- Customers rebalance spending levels against current macro uncertainty