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Applied Industrial Technologies Inc. (AIT-5.75%) has submitted its Form 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports net sales of $1,073,001,000 for the three months ended December 31, 2024, a slight decrease from $1,077,153,000 in the same period the previous year. This decline is attributed to subdued end market demand and unfavorable foreign currency translation.
Gross profit for the quarter was $328,050,000, up from $317,090,000 in the prior year, with a gross profit margin increase to 30.6% from 29.4%. This improvement was driven by strong channel execution and margin expansion initiatives.
Operating income for the quarter was $120,870,000, compared to $114,594,000 in the previous year. The operating margin increased to 11.3% from 10.6% in the prior year.
Net income for the quarter was $93,290,000, an increase from $91,228,000 in the previous year. Diluted net income per share was $2.39, up from $2.32 in the prior year.
The company completed the acquisition of Hydradyne, LLC on December 31, 2024, for $276,091,000, funded using available cash. Hydradyne is included in the Engineered Solutions segment.
Cash provided by operating activities was $222,884,000, while cash used in investing and financing activities was $282,966,000 and $91,109,000, respectively.
The company had a working capital of $1,185,256,000 as of December 31, 2024. The current ratio was 3.8 to 1, compared to 3.5 to 1 at June 30, 2024.
The filing also details the company's debt structure, including a revolving credit facility with $384,000,000 outstanding and a trade receivable securitization facility with $188,300,000 outstanding.
Applied does not anticipate any significant changes in its operations or financial condition in the near future. The company remains focused on growth through strategic acquisitions and operational improvements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Applied Industrial Technologies Inc. quarterly 10-Q report dated January 29, 2025. To report an error, please email earnings@qz.com.