Applied Industrial Technologies Updates FY24 Guidance, Now Expects EPS Of $9.35 to $9.70 (Prior $9.25-$9.80) Vs. $9.48 Est, Sales Growth Of 1%-3% (Prior 1%-4%) Vs. $4.52B Est

Author: Benzinga Newsdesk | January 25, 2024 07:39am

Updated Fiscal 2024 Guidance

For fiscal 2024, the Company now projects EPS of $9.35 to $9.70 on an adjusted basis (prior $9.25 to $9.80), sales growth of 1% to 3% (prior 1% to 4%) including 0% to 2% on an organic daily basis, and EBITDA margins of 12.1% to 12.3% (prior 12.0% to 12.3%). Updated adjusted EPS guidance excludes the $3.0 million tax benefit in the fiscal 2024 second quarter related to a deferred tax valuation allowance adjustment. Guidance incorporates current economic uncertainty and assumptions of easing end-market demand near term, as well as ongoing inflationary and supply chain headwinds. Guidance does not assume contribution from future acquisitions.

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