Fri, Aug 16, 4:56 PM (151 days ago)
Applied Industrial Technologies, Inc. reported a consolidated revenue of $4.5 billion for the fiscal year ending June 30, 2024, reflecting a 1.5% increase from the previous year, primarily driven by acquisitions and favorable foreign currency translation. Gross profit margin improved to 29.8%, up from 29.2%, while operating margin rose to 11.1% from 10.7%. Net income increased to $385.8 million, with diluted earnings per share at $9.83, compared to $8.84 in the prior year. The Company’s working capital increased to $1.27 billion, with a current ratio of 3.5, indicating strong liquidity. Total debt decreased to $597.4 million, with an improved interest expense due to reduced debt levels. Strategically, Applied focuses on optimizing operations, expanding automation technologies, and enhancing fluid power solutions. Risks include economic fluctuations, supply chain disruptions, and competitive pressures. The Company remains committed to pursuing value-creating acquisitions and improving operational efficiencies. The future outlook is optimistic, supported by anticipated growth in industrial sectors and continued demand for automation and fluid power solutions.