Applied Industrial Technologies has completed its fiscal year for 2024. While the company has not provided extensive details about its digital sales channels, it did share some key metrics.

Applied Industrial is a distributor of bearings, power transmission products, engineered fluid power components, specialty flow control products and other industrial supplies. It reported a modest sales growth.

For its fiscal year ending June 30, 2024, the company posted nearly flat sales of $4.479 billion. That’s a slight increase of 1.5% compared to $4.412 billion in fiscal 2023. Net income for fiscal 2024 was $498.1 million. That’s up from $449.8 million in 2023.

In the fourth quarter, sales grew to $1.16 billion. That’s a 0.2% increase compared to $1.158 billion in the same period the previous year. Fourth-quarter net income rose to $103.5 million, up from $92.21 million in Q4 of fiscal 2023.

Applied Industrial digital sales growth

Although the company does not provide a specific breakdown of digital sales, CEO Neil Schrimsher noted in a recent earnings call that digital sales outpaced overall sales growth.

“We are seeing incremental growth through our digital channels, including EDI and Applied.com, where related sales grew approximately 9% during fiscal 2024, including over 6% in the fourth quarter,” Schrimsher said. “With ongoing talent initiatives and our local service capabilities, we continue to capture new growth opportunities across both legacy and emerging markets.”

Looking ahead to fiscal 2025, the company has several digital upgrades planned. In the past year, Applied Industrial made significant enhancements to Applied.com, including:

• Increased visibility of the search bar on the mobile site.
• Improved search listings and product page design.
• A combined cart and quote page for easier navigation.

Schrimsher also emphasized the company’s strategy for future growth. “We remain focused on serving markets with products and solutions close to our core. By scaling certain capabilities and investing in adjacent areas, we aim to strengthen our competitive position, drive organic growth, and enhance margins. This includes ongoing investments in our digital channels, shop and belting services, and IoT offerings across our service center network,” he said.

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