Net sales for the first quarter of the company’s fiscal year were $1.1 billion, an increase of 3.1% over the prior year.
On Oct. 26, Cleveland, Ohio-based Applied Industrial Technologies announced its fiscal 2024 first-quarter earnings, which showed net sales of $1.1 billion, an increase of 3.1% over the same quarter last year. Organic sales were up 3.4% for fiscal 1Q 2024.
While sales growth remained ahead of 1Q 2023, growth for the most recent quarter was down sequentially from 4Q 2023, when sales were up 9.1% overall and 8.6% organic. The 9.1% sales gain marked a deceleration from 3Q’s 15.4% increase, but still registered as healthy growth when compared to the industry at large.
For 1Q 2024, net income was $93.8 Million, 21.3% year-over-year. EBITDA was $133.4 Million, up 12.3% over the same quarter last year, while operating cash flow was $66.2 million.
The company announced Sept. 5 that it had acquired two providers of bearings, power transmission and industrial motion products: Columbia, South Carolina-based Bearing Distributors, Inc. and Long Island, New York-based Cangro Industries, Inc.
During this calendar year, Applied has been celebrating its 100th anniversary. For MDM’s 2023 Top Distributors Lists, the company ranks No. 12 on industrial distributors, No. 2 for power transmission/bearings, No. 1 for fluid power and No. 10 for fasteners.
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Mark Powell
Mark Powell is MDM’s Associate Editor. He is a former mainstream news reporter and editor and has worked in the online, print, radio and TV news industries. Mark earned a bachelor’s degree from San Jose State University and a master’s degree from California State University, Bakersfield. He has lived and worked in various cities across California, Colorado and Kansas and currently lives in Shafter, California.
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