Applied Industrial (AIT) Q3 Earnings Beat, Revenues Rise Y/Y

Applied Industrial Technologies (AIT) reported third-quarter fiscal 2024 (ended Mar 31, 2024) earnings of $2.48 per share, which surpassed the Zacks Consensus Estimate of$2.40. The bottom line jumped 4.2% year over year.Net revenues of $1,146 million underperformed the consensus estimate of$1.148 million. The top line inched up 1.3% year over year. Acquisitions boosted the top line by 1.2% while foreign-currency translation had a positive impact of 0.2%. Organic sales increased 0.7% year over year. Howeve ...