Posted April 28, 2022

Applied 3Q sales up 16.6 percent

Applied Industrial Technologies reported net sales for its fiscal 2022 third quarter increased 16.6 percent to $980.7 million from $840.9 million in the prior year.

Applied Industrial TechnologiesSales increased 14.7 percent on an organic daily basis reflecting a 13.6 percent increase in the Service Center segment and a 17.1 percent increase in the Fluid Power & Flow Control segment.

The distributor and technical solutions provider of industrial motion, fluid power, flow control, automation technologies reported net income of $­­­68.3 million, or $1.75 per share. That compares to net income of $56.1 million, or $1.42, in the same period last year.

“We had another strong quarter with sales and earnings achieving new records. Underlying business momentum strengthened further during the quarter, while our technical industry position is supporting greater growth opportunities and our ability to effectively manage through ongoing inflationary pressures industry wide," said Neil A. Schrimsher, president and CEO.