Tue, Sep 10, 8:54 PM (102 days ago)
Applied Industrial Technologies, Inc. (AIT) filed an amendment (10-K/A) to its annual report for the year ending June 30, 2024, primarily to add a conformed signature from Deloitte & Touche LLP to its Audit Reports. Financially, AIT reported net sales of $4,479,406 (up from $4,412,794 in 2023) and net income of $385,762, marking an increase from $346,739 the previous year. Operating income also rose to $495,823, reflecting improved efficiency despite a slight increase in operating expenses to $840,830. Earnings per share (EPS) increased to $9.98 from $8.98. The company’s total assets grew to $2,951,910, with shareholders' equity rising to $1,688,781. AIT engaged in several acquisitions, including Grupo Kopar and Bearing Distributors, contributing to its strategic growth in engineered solutions and service center-based distribution. The company remains in compliance with financial covenants and anticipates continued growth, although it faces risks related to economic conditions and competitive pressures. The internal control over financial reporting was deemed effective as of June 30, 2024, with no significant changes reported.