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Applied Industrial Technologies Sees Major Organic Growth that Will Accelerate
The Cleveland-based distributor returned to modest year-over-year organic sales growth in the January-March quarter and expects far better results ahead.
Apr 29th, 2021
Applied Industrial Technologies one of the few publicly-traded companies on
Industrial Distribution s Big 50 List (No. 8) with a fiscal calendar that doesn t follow the traditional January-December timeline reported its 2021 third quarter financial results on Thursday. The results were led sales that returned to year-over-year growth after four straight quarters of considerable decline tied to market impacts from the COVID-19 pandemic.
For its January-March quarter, Applied reported total sales of $841 million, up 1.2 percent year-over-year, with organic sales up 0.4 percent far better than the 3 to 4 percent organic decline the company forecasted in its Q2 earnings report. That overall sales gain compares with Q2 sales that we
Applied s Quarterly Sales Still Down YoY, But Improving
The company noted positive underlying demand points of sequential improvement, with a smaller organic sales decline expected for the January-March quarter.
Jan 28th, 2021
Applied Industrial Technologies one of the few publicly-traded companies on
Industrial Distribution s Big 50 List (No. 8) with a fiscal calendar that doesn t follow the traditional January-December timeline reported its 2021 second quarter financial results on Thursday. And like in its previous quarter, Applied s Q2 showed continued sequential gains that were down year-over-year, though that year-over-year deficit continues to shrink.
For its October-December quarter, Cleveland, OH-based Applied had total sales of $751 million, up 0.4 percent from Q1 but down 9.9 percent year-over-year (YoY). That compares with Applied s Q1 that saw sequential sales improved 3.2 percent and YoY sales that were down 12.7 percent.
Operator
Welcome to the Fiscal 2021 Second Quarter Earnings Call for Applied Industrial Technologies. My name is Mariama, and I ll be your operator for today s call. [Operator Instructions]
I will now turn the call over to Ryan Cieslak, Director of Investor Relations and Treasury. Ryan, you may begin.
Ryan D. Cieslak
Director of Investor Relations and Treasury
Thanks, Mariama, and good morning to everyone on the call. This morning, we issued our earnings release and supplemental investor deck detailing our second quarter results. Both of these documents are available in the Investor Relations section of applied.com.
Before we begin, just a reminder, we ll discuss our business outlook and make forward-looking statements. All forward-looking statements are based on current expectations, subject to certain risks, including the potential impact from the COVID-19 pandemic as well as trends and sectors and geographies, the success of our business strategy and other risk factors.