Applied Industrial Technologies Inc. (NYSE:AIT) Q3 2023 Results Conference Call April 27, 2023 10:00 AM ET

Company Participants

Ryan Cieslak - Director, Investor Relations, and Treasury

Neil Schrimsher - President and Chief Executive Officer

David Wells - Vice President, Chief Financial Officer, and Treasurer

Conference Call Participants

Chris Dankert - Loop Capital

David Manthey - Baird

Ken Newman - KeyBanc Capital Markets

Operator

Welcome to the Fiscal 2023 Third Quarter Earnings Call for Applied Industrial Technologies. My name is Frank, and I will 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 third 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. As usual I’ll begin with some perspective and highlights on the key drivers of our results including an update on industry conditions as well as expectations going forward. Dave will follow with more detail on the quarter’s financials and provide additional color on our outlook and guidance and then I’ll close with some final thoughts.

So overall, we had another solid quarter demonstrating our industry position and operational focus. We grew EBITDA by 29% and adjusted EPS by 36% on approximately 15% sales growth. This is on top of similar levels of growth in the prior year period. So very strong compounding growth and earnings power that we believe is top tier within our core marketplace.