Applied Industrial Technologies posts mixed Q4 results amid softening demand

CLEVELAND - Applied Industrial Technologies (NYSE:AIT) reported better-than-expected fourth quarter earnings on Thursday, though revenue came in below analyst forecasts. The industrial parts distributor's shares edged down 0.61% following the mixed results.

For the fiscal fourth quarter ended June 30, Applied Industrial posted adjusted earnings per share of $2.64, surpassing the analyst consensus estimate of $2.51. However, revenue of $1.16 billion fell short of Wall Street's expectations for $1.19 billion.

The company's top-line performance suggests some softening demand in its end markets. Applied Industrial did not provide specific commentary on the revenue miss in its earnings release.

Looking ahead, Applied Industrial issued fiscal 2025 earnings guidance in the range of $9.20 to $9.95 per share. The midpoint of $9.58 is roughly in line with the current analyst consensus of $9.60.

"Our fourth quarter capped off another year of strong performance and execution across Applied," said Neil A. Schrimsher, President and Chief Executive Officer. "We enter fiscal 2025 well-positioned to drive further growth and value creation."

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Source: Investing.com