Applied Industrial Technologies, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Applied Industrial Technologies, Inc. (AIT) filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

APPLIED INDUSTRIAL TECHNOLOGIES INC (AIT) filed a Quarterly Report (10-Q) with the SEC on April 26, 2024. Filed 10-Q for the period ending March 31, 2024. Company name: APPLIED INDUSTRIAL TECHNOLOGIES INC. Incorporated in OH. Fiscal year end: June 30. Previous company name: BEARINGS INC /OH/ and BROWN JIM STORES INC.

Why It Matters

For investors and stakeholders tracking APPLIED INDUSTRIAL TECHNOLOGIES INC, this filing contains several important signals. This filing provides the latest financial performance and operational details for AIT, crucial for investors assessing the company's current standing. Understanding the Q3 results and balance sheet information will help stakeholders evaluate the company's trajectory and potential future performance.

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

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand AIT's performance and outlook.

Key Numbers

• 2024-03-31 — Period of Report (10-Q filing)
• 2024-04-26 — Filing Date (10-Q filing)
• 06-30 — Fiscal Year End (Company fiscal year)

Key Players & Entities

• APPLIED INDUSTRIAL TECHNOLOGIES INC (company) — COMPANY CONFORMED NAME
• AIT (company) — Ticker Symbol
• 0000109563-24-000033 (other) — Accession Number
• 20240331 (date) — Period of Report
• 20240426 (date) — Filing Date
• OH (location) — State of Incorporation
• BEARINGS INC /OH/ (company) — Former Company Name
• BROWN JIM STORES INC (company) — Former Company Name

FAQ

Industry Context

Applied Industrial Technologies operates in the wholesale machinery, equipment, and supplies sector (SIC 5080).

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements (balance sheet, income statement, cash flow) for the quarter ended March 31, 2024.
2. Review the Management's Discussion and Analysis of Financial Condition and Results of Operations for insights into performance drivers.
3. Check for any new risk factors or updates to existing ones disclosed in the filing.

Year-Over-Year Comparison

This is the 10-Q filing for the period ending March 31, 2024. Specific comparative data from the previous filing (e.g., prior year quarter) is not detailed in this header information.

Filing Documents

• ait-20240331.htm (10-Q) — 1467KB
• a10q-33124exhibit31.htm (EX-31) — 19KB
• a10q-33124exhibit32.htm (EX-32) — 7KB
• 0000109563-24-000033.txt (&nbsp;) — 7114KB
• ait-20240331.xsd (EX-101.SCH) — 33KB
• ait-20240331_cal.xml (EX-101.CAL) — 50KB
• ait-20240331_def.xml (EX-101.DEF) — 242KB
• ait-20240331_lab.xml (EX-101.LAB) — 422KB
• ait-20240331_pre.xml (EX-101.PRE) — 326KB
• ait-20240331_htm.xml (XML) — 1384KB

: FINANCIAL INFORMATION

Part I: FINANCIAL INFORMATION

: Financial Statements

Item 1: Financial Statements Condensed Statements of Consolidated Income - Three and Nine Months Ended March 31, 202 4 and 202 3 2 Condensed Statements of Consolidated Comprehensive Income - Three and Nine Months Ended March 31, 202 4 and 202 3 3 Condensed Consolidated Balance Sheets - March 31, 202 4 and June 30, 2023 4 Condensed Statements of Consolidated Cash Flows - Nine Months Ended March 31, 202 4 and 202 3 5 Condensed Statements of Shareholders' Equity - Three and Nine Months Ended M arch 31, 202 4 and 202 3 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 20

: 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 Nine Months Ended March 31, March 31, 2024 2023 2024 2023 Net sales $ 1,146,390 $ 1,132,035 $ 3,318,731 $ 3,254,720 Cost of sales 808,144 798,917 2,338,313 2,306,314 Gross profit 338,246 333,118 980,418 948,406 Selling, distribution and administrative expense, including depreciation 217,040 206,207 623,938 602,070 Operating income 121,206 126,911 356,480 346,336 Interest expense, net 265 4,773 3,502 17,438 Other (income) expense, net ( 1,724 ) ( 142 ) ( 4,217 ) 1,624 Income before income taxes 122,665 122,280 357,195 327,274 Income tax expense 25,448 25,093 74,924 72,750 Net income $ 97,217 $ 97,187 $ 282,271 $ 254,524 Net income per share - basic $ 2.51 $ 2.52 $ 7.29 $ 6.60 Net income per share - diluted $ 2.48 $ 2.47 $ 7.18 $ 6.49 Weighted average common shares outstanding for basic computation 38,675 38,617 38,707 38,574 Dilutive effect of potential common shares 577 651 584 629 Weighted average common shares outstanding for diluted computation 39,252 39,268 39,291 39,203 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 Nine Months Ended March 31, March 31, 2024 2023 2024 2023 Net income per the condensed statements of consolidated income $ 97,217 $ 97,187 $ 282,271 $ 254,524 Other comprehensive income, before tax: Foreign currency translation adjustments ( 5,112 ) 5,763 ( 1,685 ) 255 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 ) 9 ( 90 ) 27 Termination of pension plan — — — 1,03

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