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APPLIED Industrial Technologies® NEWS RELEASE Applied Industrial Technologies Reports Fiscal 2021 Third Quarter Results 4/29/2021 Net Sales of $ 840.9 Million Up 1.2 % YoY ; Up 0.4 % on an Organic Daily Basis • Net Income of $ 56.1 Million , or $ 1.42 Per Share • Adjusted Net Income of $ 54.1 Million , or $ 1.37 Per Share ; Adjusted EBITDA of $ 86.8 Million • Operating Cash Flow of $ 44.1 Million ; Free Cash Flow of $ 40.3 Million CLEVELAND -- ( BUSINESS WIRE ) -- Applied Industrial Technologies ( NYSE : AIT ) , a leading value - added distributor and technical solutions provider of industrial motion , fluid power , flow control , automation technologies , and related maintenance supplies , today reported results for its fiscal 2021 third quarter ended March 31 , 2021 . Net sales for the quarter increased 1.2 % to $ 840.9 million from $ 830.8 million in the prior year . The change includes a 1.8 % increase from acquisitions and a 0.6 % increase from foreign currency translation , partially offset by a negative 1.6 % impact from one less selling day . Excluding these factors , sales increased 0.4 % on an organic daily basis reflecting a 0.4 % increase in the Service Center segment and a 0.2 % increase in the Fluid Power & Flow Control segment . The Company reported net income of $ 56.1 million , or $ 1.42 per share . Results include non- routine income of $ 2.6 million pre - tax . Excluding this income , the Company reported non - GAAP adjusted net income of $ 54.1 million , or $ 1.37 per share , and adjusted EBITDA of $ 86.8 million . Neil A. Schrimsher , Applied's President & Chief Executive Officer , commented “ This was a solid quarter for Applied across many fronts . Sales exceeded our expectations and grew slightly over the prior year reflecting improving end- market demand and our industry position . At the same time , we expanded gross margins and leveraged a leaner cost structure that has been refined over the past year . These dynamics more than offset the elimination of various temporary cost actions and drove favorable earnings growth , while our working capital initiatives continue to support cash flow . Results highlight Applied's strong execution and potential as the next phase of the industrial 1