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Applied Industrial Technologies appoints new accounting officer

Published 10/26/2024, 04:48 AM
AIT
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CLEVELAND, OH - Applied Industrial Technologies Inc. (NYSE:AIT) has announced a change in its executive team with the appointment of a new principal accounting officer. Effective today, Richard M. Wagner has assumed the role, succeeding David K. Wells, who will continue to serve as the company's principal financial officer.

Wagner, 56, joined Applied in August 2024 as Chief Accounting Officer & Controller. His previous experience includes serving as Vice President, Chief Accounting Officer at Dentsply Sirona, Inc., and before that, he held the same position at Hillrom Holdings, Inc. from April 2018 to February 2022. Wagner is a Certified Public Accountant and holds a Bachelor of Science in Accounting from Pennsylvania State University.

The company has confirmed that there are no familial relationships between Wagner and any director or executive officer of Applied, and he has not engaged in any transactions that would require disclosure under SEC regulations.

Applied Industrial Technologies has a history dating back to its former names as Bearings Inc /OH/ and Brown Jim Stores Inc, with its name change occurring in 1992 and 1960 respectively. The company's fiscal year ends on June 30th.

In other recent news, Applied Industrial Technologies has reported strong first-quarter results for fiscal year 2025, surpassing analyst expectations. The company posted a net income of $92.1 million and adjusted earnings per share (EPS) of $2.36, which exceeded the consensus estimate of $2.25. The quarterly sales were reported at $1.10 billion, a modest 0.3% increase, also surpassing the forecasted $1.08 billion.

BofA Securities has adjusted its outlook on Applied Industrial Technologies, increasing the price target to $240 from the previous $232, while maintaining a Neutral rating. This adjustment follows the company's strong Q1 results. Meanwhile, Oppenheimer has maintained an Outperform rating on the company, with a price target of $235.00, noting steady sales in the Service Center Based Distribution segment.

The company has raised its full-year 2025 EPS guidance to a range of $9.25 to $10.00, up from the previous forecast of $9.20 to $9.95, attributed to slightly favorable interest costs. The company also reiterated its revenue growth guidance of a (2.5)-2.5% reported rate.

Additionally, Applied Industrial Technologies generated a record first quarter free cash flow of $122.2 million, nearly double from the previous year. The company also declared a quarterly cash dividend of $0.37 per share.

InvestingPro Insights

As Applied Industrial Technologies (NYSE:AIT) announces this key executive change, InvestingPro data provides additional context on the company's financial health and market performance. AIT's market capitalization stands at $8.88 billion, reflecting its significant presence in the industrial distribution sector. The company's P/E ratio of 23.29 suggests investors are willing to pay a premium for its earnings, possibly due to its strong market position and growth prospects.

InvestingPro Tips highlight AIT's impressive dividend history, having raised its dividend for 15 consecutive years and maintained payments for 54 years. This consistency in shareholder returns aligns with the company's stable leadership approach, as evidenced by the orderly transition in its principal accounting officer role.

The company's financial strength is further underscored by InvestingPro data showing a robust revenue of $4.48 billion in the last twelve months, with a healthy gross profit margin of 29.81%. This solid financial foundation provides a backdrop for the new principal accounting officer, Richard M. Wagner, to build upon as he assumes his role.

Investors may be particularly interested in AIT's strong market performance, with InvestingPro data revealing a remarkable 53.59% total return over the past year. This performance, coupled with the company's ability to operate with moderate debt levels, suggests that AIT is well-positioned in its industry.

For readers seeking a more comprehensive analysis, InvestingPro offers 12 additional tips on AIT, providing deeper insights into the company's financial health and market position.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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