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APPLIED Industrial Technologies® NEWS RELEASE Applied Industrial Technologies Reports Fiscal 2022 First Quarter Results 10/27/2021 • Net Sales of $ 891.7 Million Up 19.2 % YoY ; Up 16.3 % on an Organic Basis • Net Income of $ 53.0 Million , or $ 1.36 Per Share ; EBITDA of $ 88.5 Million Operating Cash Flow of $ 48.6 Million ; Free Cash Flow of $ 45.0 Million • Fiscal 2022 Guidance Maintained Including EPS of $ 5.00 to $ 5.40 ● 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 2022 first quarter ended September 30 , 2021 . Net sales for the quarter increased 19.2 % to $ 891.7 million from $ 747.8 million in the prior year . The change includes a 2.1 % increase from acquisitions and a 0.8 % increase from foreign currency translation . Excluding these factors , sales increased 16.3 % on an organic basis reflecting a 15.9 % increase in the Service Center segment and a 17.4 % increase in the Fluid Power & Flow Control segment . The Company reported net income of $ 53.0 million , or $ 1.36 per share , and EBITDA of $ 88.5 million . On a pre - tax basis , results include $ 3.6 million ( $ 0.07 after tax per share ) of LIFO expense compared to $ 1.1 million ( $ 0.02 after tax per share ) of LIFO expense in the prior year period . Neil A. Schrimsher , Applied's President & Chief Executive Officer , commented , " We started fiscal 2022 on a positive note with sales , EBITDA , and EPS all achieving record first quarter levels . We are effectively managing through industrial supply chain and inflationary headwinds year to date . This is highlighted by solid organic growth and EBITDA margin expansion during the quarter , as well as a build in inventory levels supporting near - term growth opportunities . At the same time , our cash generation remains strong and we continue to execute on our strategic growth plan , including expansion of our automation platform with the August 2021 acquisition of R.R. Floody Company . " 1