Applied’s 1Q Sales Increase - Modern Distribution Management

Applied’s 1Q Sales Increase

In its fiscal first-quarter report, Applied Industrial Technologies reported more than $891 million in sales, a 19.2% increase over last year.
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.

Applied Industrial Technologies (NYSE: AIT), Cleveland, Ohio, on Wednesday reported $891.7 million in fiscal 2022 first-quarter sales, a 19.2% increase over the previous year.

The change includes a 2.1% increase from acquisitions and a 0.8% increase from foreign currency translation.

The company also reported $53 million in profit, or $1.36 per share.

“We started fiscal 2022 on a positive note with sales, EBITDA, and EPS all achieving record first quarter levels,” said Neil A. Schrimsher, Applied’s president and CEO. “We are effectively managing through industrial supply chain and inflationary headwinds year to date. This is highlighted by solid organic growth and EBITDA margin expansion during the quarter, as well as a build in inventory levels supporting near-term growth opportunities. At the same time, our cash generation remains strong and we continue to execute on our strategic growth plan, including expansion of our automation platform with the August 2021 acquisition of R.R. Floody Company.”

Applied ranks No. 11 on MDM’s Top Distributors list for industrial construction distributors, with $3.1 billion in 2020 revenue.

The company also ranks first on MDM’s list of top fluid power distributors and second among top power transmission and bearings distributors.

Related Posts

Share this article

About the Author
Recommended Reading
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

2

articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to mdm.com, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events

Subscribe to continue reading

MDM Premium Subscribers get:

  • Unlimited access to MDM.com
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events

1

article
left

You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on mdm.com
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.

Join other distribution executives who use MDM Premium to optimize their business. Our insights and analysis help you enter the right new markets, turbocharge your sales and marketing efforts, identify business partners that help you scale, and stay ahead of your competitors.

Register for full access

By providing your email, you agree to receive announcements from us and our partners for our newsletter, events, surveys, and partner resources per MDM Terms & Conditions. You can withdraw consent at any time.

Learn More about Custom Reports

Request a Market Prospector Demo

  • This field is for validation purposes and should be left unchanged.

Get the MDM Update Newsletter

Wholesale distribution news and trends delivered right to your inbox.

Sign-up for our free newsletter and get:

  • Up-to-date news in a quick-to-read format
  • Free access to webcasts, podcasts and live events
  • Exclusive whitepapers, research and reports
  • And more!