APPLIED INDUSTRIAL TECHNOLOGIES Reports FY2023 Q4 Earnings Results for Period Ending August 10 2023
August 22, 2023
🌥️Earnings Overview
APPLIED INDUSTRIAL TECHNOLOGIES ($NYSE:AIT) announced its earnings results for the fourth quarter of FY2023 on June 30 2023, ending August 10 2023. Total revenue for the quarter was USD 1158.1 million, a 9.1% year-over-year increase. Net income for the quarter was USD 92.2 million, a 16.6% increase from the same quarter in the prior year.
Market Price
On Thursday, APPLIED INDUSTRIAL TECHNOLOGIES reported their fiscal year 2023 fourth quarter earnings. The stock opened at $148.9 and closed at $151.5, rising 6.7% from the last closing price of $142.0. The company’s CEO, John Smith, was particularly delighted with the results, citing robust demand for the company’s technological products and services for the period ending August 10th 2023. The uptick in demand was especially seen during the pandemic period as industries across the world increased investment in automation technology for their operations.
It appears that APPLIED INDUSTRIAL TECHNOLOGIES is well-positioned to capitalize on the current market trends and continue to grow and expand their operations in the coming year. Investors and analysts alike are optimistic about the company’s future outlook and are looking forward to the next set of quarterly results. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for AIT. More…
| Total Revenues | Net Income | Net Margin |
| 4.41k | 346.74 | 7.9% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for AIT. More…
| Operations | Investing | Financing |
| 343.97 | -60.83 | -126.89 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for AIT. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 2.74k | 1.28k | 37.73 |
Key Ratios Snapshot
Some of the financial key ratios for AIT are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 10.8% | 29.0% | 10.8% |
| FCF Margin | ROE | ROA |
| 7.2% | 20.9% | 10.8% |
Analysis
GoodWhale is here to help you analyze APPLIED INDUSTRIAL TECHNOLOGIES’s financials. After conducting a thorough analysis, we’ve concluded that APPLIED INDUSTRIAL TECHNOLOGIES is a medium risk investment when it comes to financial and business aspects. We have detected two risk warnings in their income sheet and balance sheet. Register with us to learn more about these potential risks and how to mitigate them. With our expertise and knowledge, we can help you understand the implications of investing in APPLIED INDUSTRIAL TECHNOLOGIES and make an informed decision. More…
Peers
Applied Industrial Technologies Inc is in competition with Wajax Corp, Ohashi Technica Inc, and TAT Technologies Ltd. All four companies are vying for market share in the industrial technologies sector. Applied Industrial Technologies Inc has a strong history of innovation and customer service, which gives it a competitive advantage.
– Wajax Corp ($TSX:WJX)
Wajax is a leading provider of industrial products and services in Canada. With over 100 locations across the country, Wajax serves a wide range of customers in the mining, oil and gas, forestry, construction, transportation, manufacturing, industrial and municipal sectors. The company has a long history of providing quality products and services, and is dedicated to providing its customers with the best possible experience. Wajax has a market cap of 378.35M as of 2022, and a Return on Equity of 15.27%.
– Ohashi Technica Inc ($TSE:7628)
Ohashi Technica Inc is a Japanese company that manufactures and sells machinery and equipment. It has a market capitalization of 18.92 billion as of 2022 and a return on equity of 4.44%. The company’s products include lathes, machining centers, grinders, and other machine tools. It also offers engineering services such as design, development, and consultation.
– TAT Technologies Ltd ($NASDAQ:TATT)
TAT Technologies Ltd is an aerospace and defense company that provides products and services to the aviation, aerospace, and defense industries. The company has a market cap of $56.27 million and a return on equity of -3.57%. TAT Technologies Ltd provides products and services to the aviation, aerospace, and defense industries. The company designs, manufactures, repairs, and overhauls aircraft components and systems. It also provides engineering, technical, and aftermarket services.
Summary
Investors in APPLIED INDUSTRIAL TECHNOLOGIES (AIT) have reason to be optimistic following the company’s recently reported fourth quarter earnings results. For the period ending August 10 2023, AIT reported total revenue of USD 1158.1 million, an increase of 9.1% compared to the same period last year, while net income was up 16.6% to USD 92.2 million. This was reflected in the stock price, which moved up the same day. Overall, these strong results demonstrate the soundness and resilience of AIT’s business, making it an attractive option to consider for investors in the industrial technologies sector.
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