Applied Industrial Technologies Updates Fiscal 2024 Guidance, Now Expects Adj. EPS Of $9.55-$9.70 (Prior $9.35-$9.70) Vs. $9.66 Est, Sales Growth Of 1.5%-2.5% (Prior 1%-3%) Vs. $4.5B Est

Author: Benzinga Newsdesk | April 25, 2024 06:45am

Updated Fiscal 2024 Guidance

For fiscal 2024, the Company now projects EPS of $9.55 to $9.70 on an adjusted basis (prior $9.35 to $9.70), sales growth of 1.5% to 2.5% (prior 1% to 3%) including 0.5% to 1.5% on an organic daily basis (prior 0% to 2%), and EBITDA margins of 12.0% to 12.1% (prior 12.1% to 12.3%). Updated adjusted EPS guidance excludes the $3.0 million tax benefit recorded 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 headwinds. Guidance does not assume contribution from Kopar (pending the transaction close) or future acquisitions.

Posted In: AIT