Applied Industrial Technologies (AIT) Q3 FY2024 earnings: revenue $1.1 billion, up 1.3% on the year

Applied Industrial Technologies Inc. (AIT) reported revenue of $1.1 billion for Q3 FY2024, the quarter ended 31 March 2024, up 1.3% on the same quarter a year earlier. Net income was $97 million, unchanged on the year, and diluted earnings per share $2.48. The figures are the company's own, from the 10-Q it filed with the SEC on 26 April 2024.

Revenue$1.1 billionup 1.3%

Net income$97 millionunchanged

Diluted EPS$2.48

QuarterQ3 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Revenue	1,146	1,077	n/a	n/a
Cost of revenue	808	760	n/a	n/a
Gross profit	338	317	n/a	n/a
Gross margin	29.5%	29.4%	n/a
Selling, general and administrative	217	202	n/a	n/a
Operating income	121	115	n/a	n/a
Operating margin	10.6%	10.6%	n/a
Pre-tax income	123	116	n/a	n/a
Income tax	25.4	24.4	n/a	n/a
Effective tax rate	20.7%	21.1%	n/a
Net income	97.2	91.2	n/a	n/a
Net margin	8.5%	8.5%	n/a
Diluted EPS	$2.48	$2.32	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Operating cash flow	84.2	102	n/a	n/a
Capital expenditure	7.5	5.5	n/a	n/a
Free cash flow	76.7	96.2	n/a	n/a
Free cash flow margin	6.7%	8.9%	n/a
Cash from investing	-7.4	-5.2	n/a	n/a
Cash from financing	-31.9	-46.7	n/a	n/a
Depreciation and amortisation	12.8	13.3	n/a	n/a
Buybacks	18.2	10.7	n/a	n/a
Dividends paid	14.4	13.6	n/a	n/a
Dividend per share	$0.37	$0.35	n/a	n/a
Diluted shares, weighted	39m	39m	n/a	n/a
Shares outstanding at period end	39m	39m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Shareholders' equity	1,669	1,608	n/a	n/a
Debt	597	597	n/a	n/a
Other liabilities	589	578	n/a	n/a
Total liabilities and equity	2,855	2,783	n/a	n/a
Fixed assets	115	114	n/a	n/a
Goodwill	589	589	n/a	n/a
Intangible assets	221	228	n/a	n/a
Cash and equivalents	457	413	n/a	n/a
Receivables	710	659	n/a	n/a
Inventory	504	520	n/a	n/a
Other assets	259	260	n/a	n/a
Total assets	2,855	2,783	n/a	n/a

Quarterly results, the last 12 quarters

	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *
Revenue	1,095	1,077	1,146	1,161	1,099	1,073	1,167	1,225	1,200	1,163	1,251	1,353
Cost of revenue	770	760	808	804	774	745	811	850	838	810	871	941
Gross profit	325	317	338	356	325	328	355	375	361	353	381	411
Gross margin	30%	29%	30%	31%	30%	31%	30%	31%	30%	30%	30%	30%
SG&A	204	202	217	217	212	207	226	240	232	230	243	252
Operating income	121	115	121	139	113	121	129	135	129	123	138	159
Operating margin	11%	11%	11%	12%	10%	11%	11%	11%	11%	11%	11%	12%
Pre-tax income	119	116	123	141	116	123	127	135	129	123	135	158
Tax rate	21%	21%	21%	27%	21%	24%	22%	20%	22%	22%	26%	25%
Net income	93.8	91.2	97.2	103	92.1	93.3	99.8	108	101	95.3	99.8	119
Net margin	9%	8%	8%	9%	8%	9%	9%	9%	8%	8%	8%	9%
Diluted EPS	$2.39	$2.32	$2.48	$2.64	$2.36	$2.39	$2.57	$2.80	$2.63	$2.51	$2.65	$3.17
Operating cash flow	66.2	102	84.2	119	128	95.1	122	147	119	99.7	100	165
Capital expenditure	4.3	5.5	7.5	7.5	5.5	5.2	7.5	8.9	7.3	6.3	4.7	5.3
Free cash flow	61.9	96.2	76.7	112	122	89.9	115	138	112	93.4	95.4	160
Buybacks	0.0	10.7	18.2	44.5	10.0	20.1	49.7	73.0	53.2	90.2	93.0	80.8
Dividends paid	13.6	13.6	14.4	14.4	14.2	14.3	17.7	17.5	17.4	17.3	19.0	18.9
Shares outstanding	39m	39m	39m	38m	38m	38m	38m	38m	38m	37m	37m	37m
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 26 April 2024, accession 0000109563-24-000033: the filing on EDGAR. All of Applied Industrial Technologies Inc.'s filings: EDGAR company page.

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