Applied Industrial Technologies sees FY24 EPS $8.80-$9.55, consensus $8.65

Sees FY24 sales growth of 0% to 4% and EBITDA margins of 11.9% to 12.1%. Consensus for FY24 revenue is $4.41B. CEO Schrimsher said, “Following our strong performance in fiscal 2023, we will achieve our prior EBITDA margin goal of 12% sooner than expected. In addition, our enhanced organic growth profile and acquisition pipeline provide a clear path to further scale our business in coming years as we build upon our leading technical position across an expanding addressable market. Overall, we remain extremely confident in our multi-faceted strategy focused on enhancing and leveraging our core service center operations, while expanding across higher-engineered solutions tied to advanced automation, industrial power, and process technologies. This strategy and our updated objectives highlight a compelling outlook for significant value creation long term.”