Applied Industrial Technologies of Cleveland, Ohio, on Aug. 11 reported fiscal fourth-quarter net sales of $1.1 billion and total-year sales of $3.8 billion.
The 4Q sales were an 18.5% increase over the same period a year prior, while total sales were a 17.8% jump over last year.
Net income for 4Q was $79.1 million, and full-year net income was $257.4 million.
“We ended fiscal 2022 on a strong note with sales, EBITDA, and EPS all hitting new quarterly records,” said Neil A. Schrimsher, Applied’s president & CEO. “Sales growth accelerated during the quarter including strong performance in June, while gross margin execution and solid operating leverage drove strong EBITDA margin expansion and over 30% EPS growth despite ongoing inflationary and supply chain pressures. Overall, our consistent outperformance over the past year is a reflection of our talented associates, differentiated industry position, and operational discipline. I am extremely proud of our team and what we accomplished in fiscal 2022.”
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