On Tuesday, Applied Industrial Technologies (NYSE: AIT), Cleveland, Ohio, reported fourth-quarter net sales of $895 million, which was an increase of 23.6% year-over-year.

In the fourth quarter, the company reported net income of $59.24 million or $1.51 per share, compared to $29.99 million or $0.77 per share in the prior-year quarter.

For the full fiscal year, Applied Industrial Technologies’ total 2021 fiscal sales were $3.24 billion, a decrease of 0.3% compared to last year. Operating profit of $205 million exceeded last year’s $89 million, while total 2021 net profit of $145 million easily beat 2020’s $24 million.

“We ended fiscal 2021 on a strong note with fourth quarter performance exceeding our expectations and achieving record quarterly earnings,” said Applied’s CEO and President Neil A. Schrimsher. “Underlying demand continued to strengthen across both segments during the quarter reflecting sustained recovery in our core end markets and momentum generated from our internal growth initiatives. We are managing inflation well and controlling costs, while benefiting from productivity enhancements.

“Overall, I am extremely proud of what we accomplished during a challenging year. Our ability to deliver strong operational and financial performance while remaining fully invested in our long-term strategy during an unprecedented period is a testament to the strength of our Applied team, business model, and industry position.”

For fiscal 2022, Applied projected earnings in a range of $5 to $5.40 per share on sales growth of 8% to 10% and organic sales growth of 7% to 9%.