GEF - Here's Why Applied Industrial is an Attractive Pick Now | Benzinga
Applied Industrial Technologies, Inc. (NYSE: AIT) is poised to gain from strength in the Service Center Based Distribution segment, acquired assets and a sound capital-deployment strategy.
Let's delve into the factors that make this Zacks Rank #2 (Buy) company a smart investment choice at the moment.
Business Strength: Applied Industrial is poised for growth on the back of strength across the food and beverage, lumber and wood, mining, pulp and paper, energy, utilities and refining end markets. The Service Center Based Distribution segment is benefiting from a strong market position, sales initiatives and growth across national customer accounts.
An increase in demand for technical MRO support and fluid power MRO services across the U.S. manufacturing sector, driven by growing digitization and increasing investment in maintenance operations, is supporting the segment's revenues. The Service Center Based Distribution segment's revenues increased 3.6% in the third quarter (ended March 2024). Driven by strength across its business, the company predicts sales to increase in the range of 1-2.5% year over year in fiscal 2024 (ending ...