Applied Industrial Technologies, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended December 31, 2023
January 25, 2024 at 06:30 am EST
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Applied Industrial Technologies, Inc. reported earnings results for the second quarter and six months ended December 31, 2023. For the second quarter, the company reported sales was USD 1,077.15 million compared to USD 1,060.28 million a year ago. Net income was USD 91.23 million compared to USD 80.46 million a year ago. Basic earnings per share from continuing operations was USD 2.35 compared to USD 2.09 a year ago. Diluted earnings per share from continuing operations was USD 2.32 compared to USD 2.05 a year ago.
For the six months, sales was USD 2,172.34 million compared to USD 2,122.69 million a year ago. Net income was USD 185.05 million compared to USD 157.34 million a year ago. Basic earnings per share from continuing operations was USD 4.78 compared to USD 4.08 a year ago. Diluted earnings per share from continuing operations was USD 4.71 compared to USD 4.02 a year ago.
Applied Industrial Technologies, Inc. is a value-added distributor and technical solutions provider of industrial motion, fluid power, flow control, automation technologies, and related maintenance supplies. The Companyâs segments include Service Center Based Distribution and Engineered Solutions. The Service Center Based Distribution segment operates through local service centers and distribution centers with a focus on providing products and services addressing the maintenance and repair of motion control infrastructure and production equipment. Its products include industrial bearings, motors, belting, drives, couplings, pumps, linear motion products, hydraulic and pneumatic components, filtration supplies, and hoses. The Engineered Solutions segment includes its operations that specialize in distributing, engineering, designing, integrating, and repairing hydraulic and pneumatic fluid power technologies, and engineered flow control products and services.
APPLIED INDUSTRIAL TECHNOLOGIES, INC. 
