Applied Industrial Technologies (NYSE: AIT) has reported its fiscal 2024 fourth-quarter and full-year results. In the fourth quarter, the company saw a 0.2% year-over-year increase in net sales, amounting to $1.2 billion. Net income for the quarter was $103.5 million, or $2.64 per share, reflecting a 12.6% increase from the previous year. Additionally, EBITDA for the quarter stood at $153.5 million, marking a 9.6% year-over-year increase.
For the full fiscal year, net sales totaled $4.5 billion, up 1.5% from the previous year. However, when considering organic daily basis, the increase was 0.4%. Net income for the year was $385.8 million, or $9.83 per share. Adjusted net income for the year was $382.7 million, or $9.75 per share, reflecting an 11.4% year-over-year increase. Moreover, full-year EBITDA was reported at $553.3 million, up by 5.5% from the previous year.
The company has also issued guidance for fiscal 2025, anticipating total sales to range from a decline of 2.5% to an increase of 2.5%, with earnings per share (EPS) expected to be between $9.20 and $9.95. Additionally, Applied Industrial Technologies has announced the acquisitions of Total Machine Solutions (TMS) and Stanley Proctor, which are projected to generate approximately $17 million in annual sales in the first year.
Neil A. Schrimsher, President and Chief Executive Officer of Applied Industrial Technologies, expressed confidence in the company's performance, stating, "Our fiscal fourth quarter reflects strong execution and positive margin momentum within an ongoing muted demand backdrop." He also noted the potential for year-over-year sales trends to gradually improve through fiscal 2025.
In light of the recent results, Schrimsher emphasized the company's ability to operate in any environment, attributing the positive performance to the benefits of their strategy, ongoing evolution, and operational discipline. He also mentioned being optimistic about the company's potential while taking a prudent approach to the initial 2025 outlook in light of current economic uncertainty.
The market has reacted to these announcements by moving the company's shares 1.6% to a price of $201.73. Check out the company's full 8-K submission here.
