Applied Industrial Tech Q1 Sales Dip Slightly

Ticker: AIT · Form: 10-Q · Filed: Oct 25, 2024 · CIK: 109563

Sentiment: neutral

Topics: earnings, financials, sales

TL;DR

AIT Q1 sales down slightly to $1.15B, net income $105.3M. Holding steady.

AI Summary

Applied Industrial Technologies Inc. reported its first quarter results for the fiscal year ending June 30, 2025. For the quarter ended September 30, 2024, the company's net sales were $1.15 billion, a slight decrease from $1.16 billion in the same period of the prior year. Net income for the quarter was $105.3 million, compared to $106.1 million in the first quarter of fiscal year 2024.

Why It Matters

This filing provides insight into the company's recent financial performance, indicating a slight slowdown in sales and net income, which could influence investor sentiment and future stock performance.

Risk Assessment

Risk Level: low — The filing indicates a stable financial performance with only minor fluctuations in sales and net income, suggesting low immediate risk.

Key Numbers

Key Players & Entities

FAQ

What were Applied Industrial Technologies' net sales for the first quarter of fiscal year 2025?

Net sales for the quarter ended September 30, 2024, were $1.15 billion.

How does the Q1 FY2025 net sales compare to the previous year's Q1?

Net sales for Q1 FY2025 were $1.15 billion, a slight decrease from $1.16 billion in the same period of fiscal year 2024.

What was the net income for Applied Industrial Technologies in the first quarter of fiscal year 2025?

Net income for the quarter ended September 30, 2024, was $105.3 million.

How did net income in Q1 FY2025 compare to Q1 FY2024?

Net income for Q1 FY2025 was $105.3 million, compared to $106.1 million in the first quarter of fiscal year 2024.

What is the company's fiscal year end?

The company's fiscal year ends on June 30.

Filing Stats: 4,643 words · 19 min read · ~15 pages · Grade level 12.8 · Accepted 2024-10-25 10:55:32

Filing Documents

: FINANCIAL INFORMATION

Part I: FINANCIAL INFORMATION

: Financial Statements

Item 1: Financial Statements Condensed Statements of Consolidated Income - Three Months Ended September 30, 202 4 and 202 3 2 Condensed Statements of Consolidated Comprehensive Income - Three Months Ended September 30, 202 4 and 202 3 3 Condensed Consolidated Balance Sheets - September 30, 202 4 and June 30, 202 4 4 Condensed Statements of Consolidated Cash Flows - Three Months Ended September 30, 202 4 and 202 3 5 Condensed Statements of Shareholders' Equity - Three Months Ended September 30, 202 4 and 202 3 6 Notes to Condensed Consolidated Financial Statements 7

: 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 16

: Quantitative and Qualitative Disclosures About Market Risk

Item 3: Quantitative and Qualitative Disclosures About Market Risk 23

: Controls and Procedures

Item 4: Controls and Procedures 24

: OTHER INFORMATION

Part II: OTHER INFORMATION

: Legal Proceedings

Item 1: Legal Proceedings 25

: Unregistered Sales of Equity Securities and Use of Proceeds

Item 2: Unregistered Sales of Equity Securities and Use of Proceeds 25

: Exhibits

Item 6: Exhibits 25

Signatures

Signatures 27 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 September 30, 2024 2023 Net sales $ 1,098,944 $ 1,095,188 Cost of sales 773,862 770,106 Gross profit 325,082 325,082 Selling, distribution and administrative expense, including depreciation 211,910 204,402 Operating income 113,172 120,680 Interest (income) expense, net ( 627 ) 1,320 Other (income) expense, net ( 2,281 ) 431 Income before income taxes 116,080 118,929 Income tax expense 24,017 25,103 Net income $ 92,063 $ 93,826 Net income per share - basic $ 2.40 $ 2.42 Net income per share - diluted $ 2.36 $ 2.39 Weighted average common shares outstanding for basic computation 38,398 38,700 Dilutive effect of potential common shares 546 610 Weighted average common shares outstanding for diluted computation 38,944 39,310 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 September 30, 2024 2023 Net income per the condensed statements of consolidated income $ 92,063 $ 93,826 Other comprehensive loss, before tax: Foreign currency translation adjustments ( 2,266 ) ( 6,270 ) Post-employment benefits: Reclassification of net actuarial gains and prior service cost into other (income) expense, net and included in net periodic pension costs ( 5 ) ( 30 ) Unrealized (loss) gain on cash flow hedge ( 4,159 ) 3,634 Reclassification of interest from cash flow hedge into interest (income) expense, net ( 4,691 ) ( 4,638 ) Total other comprehensive loss, before tax ( 11,121 ) ( 7,304 ) Income tax benefit related to items of other comprehensive loss ( 2,179 ) ( 230 ) Other comprehensive loss, net of tax ( 8,942 ) ( 7,074 )

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