Applied Industrial Technologies reports Q1 earnings and revenue beat, raises FY25 outlook

CLEVELAND - Applied Industrial Technologies (NYSE:AIT) reported first quarter fiscal 2025 results that exceeded analyst expectations, while raising its full-year earnings guidance.

The industrial distributor posted net income of $92.1 million, or $2.36 per share, for the quarter ended September 30, 2024. This surpassed the analyst consensus estimate of $2.25 per share. Revenue came in at $1.1 billion, topping expectations of $1.08 billion.

Sales increased 0.3% year-over-year, including a 2% boost from acquisitions and a 1.6% benefit from an extra selling day. On an organic daily basis, sales decreased 3%.

"While the demand backdrop remains mixed, first-quarter sales exceeded our expectations and strengthened during September," said CEO Neil A. Schrimsher. He noted positive trends developing in the company's Engineered Solutions segment.

Applied Industrial Technologies raised its fiscal 2025 earnings per share guidance to a range of $9.25 to $10.00, up from its prior outlook of $9.20 to $9.95. The company maintained its full-year sales guidance for a decline of 2.5% to growth of 2.5%.

The company generated record first quarter free cash flow of $122.2 million, nearly doubling from the prior year period.

Applied Industrial Technologies also declared a quarterly cash dividend of $0.37 per share, payable on November 29, 2024.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Source: Investing.com