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Jun 30, 2023
Applied Industrial Technologies Q4 2023 Earnings Report
Applied Industrial Technologies reported a strong finish to fiscal year 2023 with Q4 sales, EBITDA, and EPS exceeding expectations.
Key Takeaways
Applied Industrial Technologies reported a 9.1% increase in net sales for the fourth quarter, reaching $1.2 billion. Net income for the quarter was $92.2 million, or $2.35 per share, and EBITDA was $140.0 million. The company is introducing fiscal 2024 EPS guidance in the range of $8.80 to $9.55 based on sales growth of 0% to 4% and EBITDA margins of 11.9% to 12.1%.
Fourth Quarter Net Sales of $1.2 Billion Up 9.1% YoY; Up 8.6% on an Organic Basis
Fourth Quarter Net Income of $92.2 Million, or $2.35 Per Share Up 16.1% YoY
Fourth Quarter EBITDA of $140.0 Million Up 16.7% YoY
Establishes Fiscal 2024 Guidance and Updates Intermediate Financial Objectives
Forward Guidance
The Company is introducing fiscal 2024 EPS guidance in the range of $8.80 to $9.55 based on sales growth of 0% to 4% and EBITDA margins of 11.9% to 12.1%. Guidance incorporates current economic uncertainty and assumptions of easing end-market demand near term, as well as ongoing inflationary and supply chain headwinds. Guidance does not assume contribution from potential future acquisitions.
Positive Outlook
- Sales growth of 0% to 4%
- EBITDA margins of 11.9% to 12.1%
- Focus on meeting customer needs
- Progress towards long-term strategic objectives
- Another meaningful year of cash generation
Challenges Ahead
- Current economic uncertainty
- Easing end-market demand near term
- Ongoing inflationary headwinds
- Supply chain headwinds
Historical Earnings Impact
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