Applied Industrial Technologies Q4 Net Income Rises; Sales Up 8.6% On Organic Basis

(RTTNews) - Applied Industrial Technologies (AIT) reported that its fourth quarter net income increased to $92.2 million or $2.35 per share from $79.1 million or $2.02 per share, last year. On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $2.17, for the quarter. Analysts' estimates typically exclude special items.

Fourth quarter net sales increased 9.1% to $1.2 billion. Excluding items, sales increased 8.6% on an organic basis. Analysts on average had estimated $1.12 billion in revenue.

For fiscal 2024, the company expects EPS in the range of $8.80 to $9.55 based on sales growth of 0% to 4%.

Also, the company increased its intermediate financial objectives, and now targets sales of over $5.5 billion and EBITDA margins of over 13%. The company expects to achieve these targets within the next five years or sooner.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com