Applied Industrial Guides FY22 EPS Above Estimates; Q4 Profit Nearly Doubles - Quick Facts

(RTTNews) - While reporting financial results for the fourth quarter on Tuesday, Applied Industrial Technologies Inc. (AIT) initiated earnings and sales growth guidance for the full-year 2022.

For fiscal 2022, the company now projects earnings in a range of $5.00 to $5.40 per share on sales growth 8 to 10 percent and organic sales growth of 7 to 9 percent. On average, analysts polled by Thomson Reuters expect the company to report earnings of $4.99 per share on revenue growth of 7.9 percent to $3.41 billion for the year. Analysts' estimates typically exclude special items.

"While industry-wide supply chain constraints and macro uncertainty remain, we have multiple internal opportunities to drive solid earnings growth and stronger returns on capital in fiscal 2022 and beyond," said Neil Schrimsher, President & CEO.

For the fourth quarter, the company reported net income of $59.24 million or $1.51 per share, sharply higher than $29.99 million or $0.77 per share in the prior-year quarter.

Net sales for the quarter increased 23.6 percent to $895.89 million from $725.08 million in the same quarter last year. Excluding acquisitions and foreign currency translation effects, sales increased 19.8 percent on an organic basis.

The Street was looking for earnings of $1.15 per share on revenues of $841.55 million for the quarter.