Applied Industrial Technologies Expects FY24 EPS of $9.25-$9.80 (Prior $8.80-$9.55) Vs. $9.19 Est, Sales Growth of 1%-4% (Prior 0%-4%) Vs. $4.53B Est
Portfolio Pulse from Benzinga Newsdesk
Applied Industrial Technologies (AIT) has updated its fiscal 2024 guidance, now projecting EPS of $9.25 to $9.80 (up from $8.80 to $9.55), sales growth of 1% to 4% (up from 0% to 4%), and EBITDA margins of 12.0% to 12.3% (up from 11.9% to 12.1%). The guidance takes into account current economic uncertainty, easing end-market demand, and ongoing inflationary and supply chain challenges. It does not include potential contributions from future acquisitions.
October 26, 2023 | 10:37 am
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AIT has raised its FY24 guidance, which could be seen as a positive sign by investors. However, the company also acknowledges ongoing economic uncertainty and supply chain issues, which could potentially dampen investor enthusiasm.
The raised guidance indicates that AIT is expecting improved performance in FY24, which could boost investor confidence and potentially drive the stock price up. However, the company's mention of economic uncertainty and supply chain issues could also create some caution among investors, potentially limiting the positive impact on the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100