Applied Industrial Technologies Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Applied Industrial Technologies Inc. (AIT) filed its Q2 2024 10-Q, detailing financial performance and equity changes.</b>

AI Summary

APPLIED INDUSTRIAL TECHNOLOGIES INC (AIT) filed a Quarterly Report (10-Q) with the SEC on January 26, 2024. The company filed a 10-Q report for the period ending December 31, 2023. The filing covers the second quarter of fiscal year 2024. The report includes financial data for the three months and six months ended December 31, 2023, and 2022. Key financial statement information such as common stock, additional paid-in capital, retained earnings, and treasury stock are detailed. The filing also specifies data related to stock options, performance shares, and restricted stock units.

Why It Matters

For investors and stakeholders tracking APPLIED INDUSTRIAL TECHNOLOGIES INC, this filing contains several important signals. This 10-Q provides investors with the latest quarterly financial snapshot of AIT, crucial for understanding its operational and financial health. The detailed breakdown of equity components and stock-based compensation offers insights into management's incentive structures and shareholder value.

Risk Assessment

Risk Level: low — APPLIED INDUSTRIAL TECHNOLOGIES INC shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate red flags.

Analyst Insight

Monitor future filings for revenue growth, profitability trends, and any changes in debt levels to assess the company's financial trajectory.

Key Numbers

• 2023-12-31 — Report Period End Date (10-Q filing)
• 2024-01-26 — Filing Date (10-Q filing)
• 2023-07-01 — Fiscal Year Start Date (10-Q filing)
• 2023-12-31 — Fiscal Year End Date (10-Q filing)

Key Players & Entities

• APPLIED INDUSTRIAL TECHNOLOGIES INC (company) — Filer
• AIT (company) — Ticker Symbol
• BEARINGS INC /OH/ (company) — Former Company Name
• BROWN JIM STORES INC (company) — Former Company Name

FAQ

Industry Context

Applied Industrial Technologies Inc. operates in the wholesale machinery, equipment, and supplies sector.

Regulatory Implications

The filing is a standard 10-Q, adhering to SEC regulations for quarterly financial reporting under the 1934 Act.

What Investors Should Do

1. Review the full 10-Q for detailed financial statements and management discussion.
2. Analyze revenue and net income trends in subsequent filings.
3. Compare equity structure changes against industry benchmarks.

Key Dates

• 2023-12-31: Period End Date — Covers the second quarter of fiscal year 2024.
• 2024-01-26: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing the initial quarterly update.

Filing Documents

• ait-20231231.htm (10-Q) — 1410KB
• a10q-123123exhibit31.htm (EX-31) — 19KB
• a10q-123123exhibit32.htm (EX-32) — 7KB
• 0000109563-24-000024.txt (&nbsp;) — 6940KB
• ait-20231231.xsd (EX-101.SCH) — 33KB
• ait-20231231_cal.xml (EX-101.CAL) — 49KB
• ait-20231231_def.xml (EX-101.DEF) — 242KB
• ait-20231231_lab.xml (EX-101.LAB) — 463KB
• ait-20231231_pre.xml (EX-101.PRE) — 326KB
• ait-20231231_htm.xml (XML) — 1362KB

: FINANCIAL INFORMATION

Part I: FINANCIAL INFORMATION

: Financial Statements

Item 1: Financial Statements Condensed Statements of Consolidated Income - Three and Six Months Ended December 31, 202 3 and 202 2 2 Condensed Statements of Consolidated Comprehensive Income - Three and Six Months Ended December 31, 202 3 and 202 2 3 Condensed Consolidated Balance Sheets - December 31, 202 3 and June 30, 20 23 4 Condensed Statements of Consolidated Cash Flows - Six Months Ended December 31, 202 3 and 202 2 5 Condensed Statements of Shareholders' Equity - Three and Six Months Ended December 31, 202 3 and 202 2 6 Notes to Condensed Consolidated Financial Statements 8

: Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations 19

: Quantitative and Qualitative Disclosures About Market Risk

Item 3: Quantitative and Qualitative Disclosures About Market Risk 29

: Controls and Procedures

Item 4: Controls and Procedures 30

: OTHER INFORMATION

Part II: OTHER INFORMATION

: Legal Proceedings

Item 1: Legal Proceedings 31

: Unregistered Sales of Equity Securities and Use of Proceeds

Item 2: Unregistered Sales of Equity Securities and Use of Proceeds 31

: Other Information

Item 5: Other Information 31

: Exhibits

Item 6: Exhibits 31

Signatures

Signatures 34 1 Table of Contents

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION ITEM I: FINANCIAL STATEMENTS APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED STATEMENTS OF CONSOLIDATED INCOME (Unaudited) (In thousands, except per share amounts) Three Months Ended Six Months Ended December 31, December 31, 2023 2022 2023 2022 Net sales $ 1,077,153 $ 1,060,280 $ 2,172,341 $ 2,122,685 Cost of sales 760,063 751,775 1,530,169 1,507,397 Gross profit 317,090 308,505 642,172 615,288 Selling, distribution and administrative expense, including depreciation 202,496 195,612 406,898 395,863 Operating income 114,594 112,893 235,274 219,425 Interest expense, net 1,917 6,185 3,237 12,665 Other (income) expense, net ( 2,924 ) 758 ( 2,493 ) 1,766 Income before income taxes 115,601 105,950 234,530 204,994 Income tax expense 24,373 25,493 49,476 47,657 Net income $ 91,228 $ 80,457 $ 185,054 $ 157,337 Net income per share - basic $ 2.35 $ 2.09 $ 4.78 $ 4.08 Net income per share - diluted $ 2.32 $ 2.05 $ 4.71 $ 4.02 Weighted average common shares outstanding for basic computation 38,744 38,579 38,722 38,552 Dilutive effect of potential common shares 558 629 585 610 Weighted average common shares outstanding for diluted computation 39,302 39,208 39,307 39,162 See notes to condensed consolidated financial statements. 2 Table of Contents APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (Unaudited) (In thousands) Three Months Ended Six Months Ended December 31, December 31, 2023 2022 2023 2022 Net income per the condensed statements of consolidated income $ 91,228 $ 80,457 $ 185,054 $ 157,337 Other comprehensive income, before tax: Foreign currency translation adjustments 9,697 5,929 3,427 ( 5,508 ) Post-employment benefits: Reclassification of net actuarial losses and prior service cost into other (income) expense, net and included in net periodic pension costs ( 30 ) 10 ( 60 ) 18 Termination of pension plan — 1

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View this 10-Q filing on SEC EDGAR