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    Applied Industrial Technologies Reports Fiscal 2025 Third Quarter Results; Announces Bolt-on Automation Acquisition & New Repurchase Authorization

    5/1/25 6:30:00 AM ET
    $AIT
    Industrial Specialties
    Consumer Discretionary
    Get the next $AIT alert in real time by email
    • Net Sales of $1.2 Billion Up 1.8% YoY; Down 3.1% on an Organic Daily Basis
    • Net Income of $99.8 Million, or $2.57 Per Share Up 3.7% YoY
    • EBITDA of $144.9 Million Up 6.8% YoY
    • Operating Cash Flow of $122.5 Million; Free Cash Flow of $114.9 Million Up 50% YoY
    • Updating Fiscal 2025 Guidance
    • Announcing Agreement to Acquire IRIS Factory Automation
    • Announcing New 1.5 Million Share Repurchase Authorization

    Applied Industrial Technologies (NYSE:AIT), a leading value-added distributor and technical solutions provider of industrial motion, fluid power, flow control, automation technologies, and related maintenance supplies, today reported results for its fiscal 2025 third quarter ended March 31, 2025.

    Net sales for the quarter of $1.2 billion increased 1.8% over the prior year. The change includes a 6.6% increase from acquisitions, partially offset by a negative 0.8% selling day impact and a negative 0.9% impact from foreign currency translation. Excluding these factors, sales decreased 3.1% on an organic daily basis reflecting a 1.6% decrease in the Service Center segment and a 6.5% decrease in the Engineered Solutions segment. The Company reported net income of $­­­99.8 million, or $2.57 per share, and EBITDA of $144.9 million. On a pre-tax basis, results include $2.2 million ($0.04 after tax per share) of LIFO expense compared to $4.8 million ($0.10 after tax per share) of LIFO expense in the prior-year period.

    Neil A. Schrimsher, Applied's President & Chief Executive Officer, commented, "We delivered another quarter of strong operational performance. EBITDA and EPS exceeded our expectations, increasing 7% and 4%, respectively, over the prior year on 2% sales growth. Our Applied team did an outstanding job managing through ongoing demand weakness and macro uncertainty with the average daily sales organic decline of 3% holding relatively steady with last quarter and within our guidance. In addition, gross margins and EBITDA margins expanded nicely, further reflecting internal initiatives, channel execution, mix tailwinds, and solid cost management. We also achieved record third quarter cash generation and increased our share repurchase activity. Lastly, I am pleased with the early progress of our recent acquisition of Hydradyne with integration ongoing and financial contribution expected to increase in coming quarters."

    Mr. Schrimsher added, "Our results year to date highlight the benefits of our strategy and proven ability to navigate various market conditions. Moving forward, we are mindful of greater macro uncertainty and inflation following recent tariff actions, including potential demand implications near term as the landscape evolves. We have incorporated this uncertainty into our fourth quarter outlook, which assumes end-market weakness and organic sale declines persist near term as customers potentially continue to idle production and defer capital spending pending a more certain operating backdrop. That said, we remain focused on internal growth and margin initiatives, while our U.S. centric position provides resilience with over 70% of sales from MRO and aftermarket support including break-fix applications. Further, order and backlog trends remain positive across higher-margin engineered solutions, and we are favorably positioned to manage potential greater inflation given our technical industry position, minimal cross-border sourcing, structural mix tailwinds, and various self-help counter measures inherent to our strategy. Combined with our strong balance sheet, exposure to long-term secular tailwinds including reshoring, and easier comparisons moving forward, we remain constructive on our set-up into fiscal 2026 and beyond."

    Updated Fiscal 2025 Guidance

    For fiscal 2025, the Company now projects EPS of $9.85 to $10.00 (prior $9.65 to $10.05) on sales growth of flat to up 1% (prior up 1% to 3%) including down 4% to 3% on an organic average daily basis (prior down 3% to 1%), and EBITDA margins of 12.3% to 12.4% (prior 12.2% to 12.4%). Updated guidance assumes fourth quarter EPS between $2.52 and $2.67 on total sales of down 1% to up 3% year over year and EBITDA margins of 12.3% to 12.4%. Fourth quarter sales guidance assumes average daily sales decline organically by a mid to low single-digit percent over the prior year. The updated outlook considers average daily sales in April declining by an estimated 3% organically year over year and greater economic uncertainty following recent tariff actions, inflationary headwinds, and ongoing growth investments. The updated outlook assumes limited direct impact from tariffs on pricing and cost inflation in the fourth quarter given the timing of announced supplier price increases, our product procurement exposure, and an evolving tariff and trade policy backdrop. Guidance does not assume contribution from future acquisitions or share buybacks.

    Acquisition of IRIS Factory Automation

    The Company today also announced that it has signed a definitive agreement to acquire IRIS Factory Automation (IRIS). Based in Aurora, IL, IRIS is a provider of automation products, services, and turn-key productized solutions focused on optimizing material handling and traceability workflows across production environments. The Company's productized solutions utilize advanced vision and robotic automation technologies that are seamlessly deployed within a customer's facility to optimize core processes such as palletizing, case packing, quality inspection, and packaging. IRIS operates with a team of over 30 associates from one location and serves customers across various industries including food & beverage, consumer products, and pharmaceutical. The transaction is expected to close this week.

    Mr. Schrimsher commented, "We welcome IRIS to Applied as we continue the expansion of our automation platform. IRIS aligns well with our solutions-centric strategy, acting as a key technical consultant to customers' emerging automation needs through proprietary and cutting-edge turn-key solutions. In addition to broadening our footprint in the U.S. Midwest region, IRIS will enhance the scalability of our automation platform by further building out our portfolio of standardized solutions solving common automation needs. We believe this acquisition can drive strong growth synergy long-term as we leverage our core suppliers' leading automation technologies and Applied's access to legacy manufacturing verticals. Overall, I am encouraged with the continued progress we are making in positioning Applied as a leading provider and channel partner of next-generation automation solutions."

    Share Repurchase Authorization

    The Company also announced that its Board of Directors authorized a new share buyback program to repurchase up to 1.5 million shares of the Company's common stock. The updated plan replaces the prior share repurchase plan. Shares may be purchased in open market and negotiated transactions.

    Dividend

    The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.46 per common share, payable on May 30, 2025, to shareholders of record on May 15, 2025.

    Conference Call Information

    The Company will host a conference call at 10 a.m. ET today to discuss the quarter's results and outlook. A live audio webcast and supplemental presentation can be accessed on our Investor Relations site at https://ir.applied.com. To join by telephone, dial 800-715-9871 (toll free) or 646-307-1963 using conference ID 7270709.

    About Applied®

    Applied Industrial Technologies is a leading value-added distributor and technical solutions provider of industrial motion, fluid power, flow control, automation technologies, and related maintenance supplies. Our leading brands, specialized services, and comprehensive knowledge serve MRO (maintenance, repair, and operations) and OEM (original equipment manufacturing), and new system install applications in virtually all industrial markets through our multi-channel capabilities that provide choice, convenience, and expertise. For more information, visit www.applied.com.

    This press release contains statements that are forward-looking, as that term is defined by the Securities and Exchange Commission in its rules, regulations and releases. Applied intends that such forward-looking statements be subject to the safe harbors created thereby. Forward-looking statements are often identified by qualifiers such as "expect," "will," "guidance," "assume," "outlook," "believe," and derivative or similar expressions. All forward-looking statements are based on current expectations regarding important risk factors including trends and events in the industrial sector of the economy (such as the inflationary environment and supply chain strains), results of operations, and financial condition, and other risk factors identified in Applied's most recent periodic report and other filings made with the Securities and Exchange Commission. Accordingly, actual results may differ materially from those expressed in the forward-looking statements, and the making of such statements should not be regarded as a representation by Applied or any other person that the results expressed therein will be achieved. Applied assumes no obligation to update publicly or revise any forward-looking statements, whether due to new information, or events, or otherwise.

    APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
    CONDENSED STATEMENTS OF CONSOLIDATED INCOME
    (Unaudited)
    (In thousands, except per share data)
     
    Three Months Ended

    March 31,
    Nine Months Ended

    March 31,

     

    2025

     

    2024

     

     

    2025

     

     

    2024

     

    Net Sales

    $

    1,166,749

    $

    1,146,390

     

    $

    3,338,694

     

    $

    3,318,731

     

    Cost of sales

     

    811,459

     

    808,144

     

     

    2,330,272

     

     

    2,338,313

     

    Gross Profit

     

    355,290

     

    338,246

     

     

    1,008,422

     

     

    980,418

     

    Selling, distribution and administrative expense,
    including depreciation

     

    225,888

     

    217,040

     

     

    644,978

     

     

    623,938

     

    Operating Income

     

    129,402

     

    121,206

     

     

    363,444

     

     

    356,480

     

    Interest expense (income), net

     

    853

     

    265

     

     

    (710

    )

     

    3,502

     

    Other expense (income), net

     

    1,267

     

    (1,724

    )

     

    (1,769

    )

     

    (4,217

    )

    Income Before Income Taxes

     

    127,282

     

    122,665

     

     

    365,923

     

     

    357,195

     

    Income tax expense

     

    27,483

     

    25,448

     

     

    80,771

     

     

    74,924

     

    Net Income

    $

    99,799

    $

    97,217

     

    $

    285,152

     

    $

    282,271

     

    Net Income Per Share - Basic

    $

    2.60

    $

    2.51

     

    $

    7.43

     

    $

    7.29

     

    Net Income Per Share - Diluted

    $

    2.57

    $

    2.48

     

    $

    7.33

     

    $

    7.18

     

    Average Shares Outstanding - Basic

     

    38,322

     

    38,675

     

     

    38,383

     

     

    38,707

     

    Average Shares Outstanding - Diluted

     

    38,847

     

    39,252

     

     

    38,920

     

     

    39,291

     

     
    NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


    1) Applied uses the last-in, first-out (LIFO) method of valuing U.S. inventory. An actual valuation of inventory under the LIFO method can only be made at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management's estimates of expected year-end inventory levels and costs and are subject to the final year-end LIFO inventory determination.

     
     
    APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
    (In thousands)
     
    March 31,

    2025
    June 30,

    2024
     
     
    Assets
    Cash and cash equivalents

    $

    352,842

    $

    460,617

    Accounts receivable, net

     

    754,638

     

    724,878

    Inventories

     

    500,562

     

    488,258

    Other current assets

     

    83,311

     

    96,148

    Total current assets

     

    1,691,353

     

    1,769,901

    Property, net

     

    127,039

     

    118,527

    Operating lease assets, net

     

    191,099

     

    133,289

    Intangibles, net

     

    350,946

     

    245,870

    Goodwill

     

    694,193

     

    619,395

    Other assets

     

    61,033

     

    64,928

    Total Assets

    $

    3,115,663

    $

    2,951,910

     
    Liabilities
    Accounts payable

    $

    282,191

    $

    266,949

    Current portion of long-term debt

     

    -

     

    25,055

    Other accrued liabilities

     

    191,999

     

    209,096

    Total current liabilities

     

    474,190

     

    501,100

    Long-term debt

     

    572,300

     

    572,279

    Other liabilities

     

    241,692

     

    189,750

    Total Liabilities

     

    1,288,182

     

    1,263,129

    Shareholders' Equity

     

    1,827,481

     

    1,688,781

    Total Liabilities and Shareholders' Equity

    $

    3,115,663

    $

    2,951,910

     
    APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
    CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS
    (Unaudited)
    (In thousands)
     
    Nine Months Ended

    March 31,
     

     

    2025

     

     

    2024

     

     
    Cash Flows from Operating Activities
    Net income

    $

    285,152

     

    $

    282,271

     

    Adjustments to reconcile net income to net cash provided by operating activities:
    Depreciation and amortization of property

     

    18,433

     

     

    17,567

     

    Amortization of intangibles

     

    25,385

     

     

    21,601

     

    Provision for losses on accounts receivable

     

    2,652

     

     

    1,001

     

    Amortization of stock appreciation rights

     

    3,570

     

     

    2,570

     

    Other share-based compensation expense

     

    5,824

     

     

    7,508

     

    Changes in assets and liabilities, net of acquisitions

     

    5,371

     

     

    (77,403

    )

    Other, net

     

    (1,050

    )

     

    (2,956

    )

    Net Cash provided by Operating Activities

     

    345,337

     

     

    252,159

     

    Cash Flows from Investing Activities
    Acquisition of businesses, net of cash acquired

     

    (273,312

    )

     

    (21,440

    )

    Capital expenditures

     

    (18,295

    )

     

    (17,354

    )

    Proceeds from property sales

     

    1,022

     

     

    514

     

    Net Cash used in Investing Activities

     

    (290,585

    )

     

    (38,280

    )

    Cash Flows from Financing Activities
    Long-term debt repayments

     

    (25,106

    )

     

    (25,188

    )

    Interest rate swap settlement receipts

     

    9,435

     

     

    10,839

     

    Purchases of treasury shares

     

    (79,794

    )

     

    (28,875

    )

    Dividends paid

     

    (46,159

    )

     

    (41,524

    )

    Acquisition holdback payments

     

    (1,210

    )

     

    (681

    )

    Taxes paid for shares withheld for equity awards

     

    (14,332

    )

     

    (15,874

    )

    Exercise of stock appreciation rights and options

     

    -

     

     

    127

     

    Net Cash used in Financing Activities

     

    (157,166

    )

     

    (101,176

    )

    Effect of Exchange Rate Changes on Cash

     

    (5,361

    )

     

    (206

    )

    (Decrease) Increase in cash and cash equivalents

     

    (107,775

    )

     

    112,497

     

    Cash and Cash Equivalents at Beginning of Period

     

    460,617

     

     

    344,036

     

    Cash and Cash Equivalents at End of Period

    $

    352,842

     

    $

    456,533

     

     

    APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES

    SUPPLEMENTAL INFORMATION

    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

    (Unaudited)

    (In thousands)

     

    The Company supplemented the reporting of financial information determined under U.S. generally accepted accounting principles (GAAP) with reporting of non-GAAP financial measures. The Company believes that these non-GAAP measures provide meaningful information to assist shareholders in understanding financial results, assessing prospects for future performance, and provide a better baseline for analyzing trends in our underlying businesses. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. These non-GAAP financial measures should not be considered in isolation or as a substitute for reported results. These non-GAAP financial measures reflect an additional way of viewing aspects of operations that, when viewed with GAAP results, provide a more complete understanding of the business. The Company strongly encourages investors and shareholders to review company financial statements and publicly filed reports in their entirety and not to rely on any single financial measure.

    Reconciliation of Net income and Net income per share, GAAP financial measures, with Adjusted Net income and

    Adjusted Net income per share, non-GAAP financial measures:
     
    Nine Months Ended March 31, 2024
    Pre-tax Tax Effect Net of Tax Per Share

    Diluted Impact
    Tax Rate
    Net income and net income per share

    $

    357,195

    $

    74,924

    $

    282,271

     

    $

    7.18

     

    21.0

    %

    Tax valuation allowance adjustment

     

    -

     

    3,046

     

    (3,046

    )

     

    (0.08

    )

    0.8

    %

    Adjusted net income and net income per share

    $

    357,195

    $

    77,970

    $

    279,225

     

    $

    7.10

     

    21.8

    %

    Reconciliation of Net Income, a GAAP financial measure, to EBITDA, a non-GAAP financial measure:
     
    Three Months Ended

    March 31,
    Nine Months Ended

    March 31,

    2025

    2024

    2025

    2024

    Net Income

    $

    99,799

    $

    97,217

    $

    285,152

     

    $

    282,271

    Interest expense (income), net

     

    853

     

    265

     

    (710

    )

     

    3,502

    Income tax expense

     

    27,483

     

    25,448

     

    80,771

     

     

    74,924

    Depreciation and amortization of property

     

    6,583

     

    5,802

     

    18,433

     

     

    17,567

    Amortization of intangibles

     

    10,218

     

    6,951

     

    25,385

     

     

    21,601

    EBITDA

    $

    144,936

    $

    135,683

    $

    409,031

     

    $

    399,865

     
    The Company defines EBITDA as Earnings from operations before Interest, Taxes, Depreciation, and Amortization, a non-GAAP financial measure. EBITDA excludes items that may not be indicative of core operating results, a non-GAAP financial measure.
    Reconciliation of Net Cash provided by Operating activities, a GAAP financial measure, to Free Cash Flow, a non-GAAP financial measure:
     
    Three Months Ended

    March 31,
    Nine Months Ended

    March 31,

     

    2025

     

     

    2024

     

     

    2025

     

     

    2024

     

    Net Cash provided by Operating Activities

    $

    122,453

     

    $

    84,192

     

    $

    345,337

     

    $

    252,159

     

    Capital expenditures

     

    (7,549

    )

     

    (7,491

    )

     

    (18,295

    )

     

    (17,354

    )

    Free Cash Flow

    $

    114,904

     

    $

    76,701

     

    $

    327,042

     

    $

    234,805

     

     
    Free cash flow is defined as net cash provided by operating activities less capital expenditures, a non-GAAP financial measure.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250501767555/en/

    Ryan D. Cieslak

    Director – Investor Relations & Treasury

    216-426-4887 / [email protected]

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      $AIT
      Industrial Specialties
      Consumer Discretionary
    • BofA Securities initiated coverage on Applied Industrial with a new price target

      BofA Securities initiated coverage of Applied Industrial with a rating of Neutral and set a new price target of $232.00

      10/7/24 7:24:58 AM ET
      $AIT
      Industrial Specialties
      Consumer Discretionary

    $AIT
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

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    • Amendment: SEC Form SC 13G/A filed by Applied Industrial Technologies Inc.

      SC 13G/A - APPLIED INDUSTRIAL TECHNOLOGIES INC (0000109563) (Subject)

      11/12/24 1:22:28 PM ET
      $AIT
      Industrial Specialties
      Consumer Discretionary
    • SEC Form SC 13G filed by Applied Industrial Technologies Inc.

      SC 13G - APPLIED INDUSTRIAL TECHNOLOGIES INC (0000109563) (Subject)

      11/12/24 9:50:12 AM ET
      $AIT
      Industrial Specialties
      Consumer Discretionary
    • SEC Form SC 13G filed by Applied Industrial Technologies Inc.

      SC 13G - APPLIED INDUSTRIAL TECHNOLOGIES INC (0000109563) (Subject)

      11/4/24 10:56:06 AM ET
      $AIT
      Industrial Specialties
      Consumer Discretionary

    $AIT
    Leadership Updates

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    • Applied Industrial Technologies Elects New Board Member

      Applied Industrial Technologies (NYSE:AIT), a leading value-added distributor and technical solutions provider of industrial motion, fluid power, flow control, automation technologies, and related maintenance supplies, today announced that Richard J. Simoncic has been elected to its Board of Directors. "We are very pleased to welcome Rich to the Applied Board," said Peter C. Wallace, the Company's Chairman. "His experience in global operations, distribution, supply chain management, and manufacturing adds significant knowledge and experience to the Board." Neil A. Schrimsher, President & Chief Executive Officer, added, "We look forward to leveraging Rich's perspectives and expertise as

      8/13/24 4:15:00 PM ET
      $AIT
      Industrial Specialties
      Consumer Discretionary
    • Super Micro Computer and Deckers Outdoor Set to Join S&P 500; Others to Join S&P 100, S&P MidCap 400 and S&P SmallCap 600

      NEW YORK, March 1, 2024 /PRNewswire/ -- S&P Dow Jones Indices ("S&P DJI") will make the following changes to the S&P 500, S&P 100, S&P MidCap 400, and S&P SmallCap 600 indices effective prior to the open of trading on Monday, March 18, to coincide with the quarterly rebalance. The changes ensure each index is more representative of its market capitalization range. All companies being added to the S&P 500 are more representative of the large-cap market space, all companies being added to the S&P MidCap 400 are more representative of the mid-cap market space, and all companies being added to the S&P SmallCap 600 are more representative of the small-cap market space. The companies being removed

      3/1/24 6:47:00 PM ET
      $AIT
      $AL
      $APPS
      $ARCH
      Industrial Specialties
      Consumer Discretionary
      Diversified Commercial Services
      Multi-Sector Companies

    $AIT
    Financials

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    • Applied Industrial Technologies Declares Quarterly Dividend

      Applied Industrial Technologies (NYSE:AIT) announced today that its Board of Directors declared a quarterly cash dividend of $0.46 per common share. The dividend is payable on August 29, 2025, to shareholders of record on August 15, 2025. About Applied® Applied Industrial Technologies is a leading value-added distributor and technical solutions provider of industrial motion, fluid power, flow control, automation technologies, and related maintenance supplies. Our leading brands, specialized services, and comprehensive knowledge serve MRO (maintenance, repair, and operations) and OEM (original equipment manufacturing), and new system install applications in virtually all industrial markets

      6/25/25 6:30:00 AM ET
      $AIT
      Industrial Specialties
      Consumer Discretionary
    • Applied Industrial Technologies Reports Fiscal 2025 Third Quarter Results; Announces Bolt-on Automation Acquisition & New Repurchase Authorization

      Net Sales of $1.2 Billion Up 1.8% YoY; Down 3.1% on an Organic Daily Basis Net Income of $99.8 Million, or $2.57 Per Share Up 3.7% YoY EBITDA of $144.9 Million Up 6.8% YoY Operating Cash Flow of $122.5 Million; Free Cash Flow of $114.9 Million Up 50% YoY Updating Fiscal 2025 Guidance Announcing Agreement to Acquire IRIS Factory Automation Announcing New 1.5 Million Share Repurchase Authorization Applied Industrial Technologies (NYSE:AIT), a leading value-added distributor and technical solutions provider of industrial motion, fluid power, flow control, automation technologies, and related maintenance supplies, today reported results for its fiscal 2025 third quarter ended Mar

      5/1/25 6:30:00 AM ET
      $AIT
      Industrial Specialties
      Consumer Discretionary
    • Applied Industrial Technologies to Report Fiscal Third Quarter Earnings and Conduct Conference Call on May 1, 2025

      Applied Industrial Technologies (NYSE:AIT) today announced it will release its fiscal 2025 third quarter results on Thursday, May 1, 2025, before the market opens. The Company's fiscal 2025 third quarter ended March 31, 2025. The Company will host a conference call at 10 a.m. ET that day to discuss the quarter's results and outlook. A live audio webcast and supplemental presentation can be accessed on our Investor Relations site at https://ir.applied.com. To join by telephone, dial 800-715-9871 (toll free) or 646-307-1963 using conference ID 7270709. Replays of the call will be available via webcast, as well as by telephone for one week by dialing 800-770-2030 (toll free) using conference

      4/11/25 11:21:00 AM ET
      $AIT
      Industrial Specialties
      Consumer Discretionary