Applied Industrial Q3 net sales $1.1B, EPS $2.48; announces acquisition of Grupo Kopar

APPLIED INDUSTRIAL TECHNOLOGIES INC

2024-Q3 EPS reported $7.18 revenue$3,318,731,000

Net sales $1.1B, up 1.3% YoY; organic daily +0.7%. Net income $97.2M, EPS $2.48 diluted.
Signed definitive agreement to acquire Grupo Kopar, automation tech provider in Mexico; adding ~200 associates; closes in weeks.
Updated FY2024 guidance: adjusted EPS $9.55-$9.70 (prior $9.35-$9.70); sales growth 1.5%-2.5% (organic 0.5%-1.5%).
Operating cash flow $84.2M, free cash flow $76.7M; quarterly dividend $0.37/share declared (payable May 31).
Service Center segment organic daily +2.6%; Engineered Solutions -3.2%; LIFO expense $4.8M vs $8.2M prior year.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

APPLIED INDUSTRIAL TECHNOLOGIES INC reported fiscal 2024 third quarter ended March 31, 2024 results: revenue $1.1 Billion, net income $97.2 Million, EPS $2.48 per share. Guidance raised.

Period: fiscal 2024 third quarter ended March 31, 2024
Revenue: $1.1 Billion
Net income: $97.2 Million
EPS: $2.48 per share
Guidance: raised
Result: reported results

Exact text from the filing

Net sales for the quarter of $1.1 billion increased 1.3% over the prior year. The change includes a 1.2% increase from acquisitions and a 0.2% increase from foreign currency translation, partially offset by a negative 0.8% selling day impact. Excluding these factors, sales increased 0.7% on an organic daily basis reflecting a 2.6% increase in the Service Center segment and a 3.2% decrease in the Engineered Solutions segment. The Company reported net income of $97.2 million, or $2.48 per share, and EBITDA of $135.7 million.

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Source: SEC EDGAR

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