Applied Industrial Technologies, Inc. (NYSE:AIT) Q4 2023 Earnings Conference Call August 10, 2023 10:00 AM ET

Company Participants

Ryan Cieslak - Director, Investor Relations

Neil Schrimsher - President & Chief Executive Officer

Dave Wells - Chief Financial Officer

Conference Call Participants

David Manthey - Baird

Ken Newman - KeyBanc Capital Markets

Chris Dankert - Loop Capital

Operator

Welcome to the fiscal 2023 Fourth Quarter Earnings Call for Applied Industrial Technologies. My name is Frank and I'll be your operator for today's call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session. [Operator Instructions] Please note that this conference is being recorded.

I will now turn the call over to Ryan Cieslak, Director of Investor Relations and Treasury. Ryan, you may begin.

Ryan Cieslak

Okay. Thanks, Frank, and good morning to everyone on the call. This morning we issued our earnings release and supplemental investor deck detailing our fourth quarter results. Both of these documents are available in the Investor Relations section of applied.com.

Before we begin, just a reminder, we'll discuss our business outlook and make forward-looking statements. All forward-looking statements are based on current expectations subject to certain risks and uncertainties, including those detailed in our SEC filings. Actual results may differ materially from those expressed in the forward-looking statements. The company undertakes no obligation to update publicly or revise any forward-looking statement. In addition, the conference call will use non-GAAP financial measures, which are subject to qualifications referenced in those documents.

Our speakers today include Neil Schrimsher, Applied's President and Chief Executive Officer; and Dave Wells, our Chief Financial Officer.

With that I'll turn it over to Neil.

Neil Schrimsher

Thanks, Ryan, and good morning, everyone. We appreciate you joining us. I'll start today with some perspective on our fourth quarter results, current industry conditions and our expectations going forward. Dave will follow with more specific detail on the quarter's performance and our forward outlook including fiscal 2024 guidance. I'll then close with some final thoughts.

So first, I'd like to start by acknowledging and thanking our Applied team for their hard work in delivering a record and pivotal year. We continue to exemplify best execution and commitment to consistently serving our customers with industry leading technical expertise from our core legacy operations to our expanding engineered solutions.

Our customer focus and operational execution are evident as the evolution at Applied continues to unfold. This is apparent when considering the strong finish to fiscal 2023 with fourth quarter sales, EBITDA, EPS and cash flow growing nicely and exceeding our expectations.