Applied Industrial (AIT) Smashed Records, Then Guided For Less

Applied Industrial Technologies reported fiscal fourth-quarter and full-year results ended June 30 that marked company records. Quarterly sales reached $1.4 billion, representing 10.4% year-over-year growth with organic expansion of 9.7%, the strongest pace in more than three years. Full-year net sales totaled $5.0 billion, up 8.8% with 5.4% organic growth, with the fourth quarter alone running at nearly double the full-year organic rate.
Profitability gains outpaced revenue growth. Fourth-quar