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Why Applied Industrial Technologies Jumped as Much as 14% in Morning Trading

·2 min read

Shares of Applied Industrial Technologies (NYSE: AIT), a distributor and service provider of industrial motion and control technologies, rose as much as 14% in morning trading today. The big move followed the company's fiscal fourth-quarter 2022 earnings update, which was released before the market opened. Sales climbed 18.5% year over year to $1.1 billion in the fiscal fourth quarter and rose 17.8% for the full year.