Applied Industrial Maintains FY22 Outlook; Q1 Results Top Estimates - Quick Facts

(RTTNews) - While reporting financial results for the first quarter on Wednesday, Applied Industrial Technologies Inc. (AIT) maintained its earnings and sales growth guidance for the full-year 2022.

For fiscal 2022, the company continues to project 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 $5.36 per share on revenue growth of 9.4 percent to $3.54 billion for the year. Analysts' estimates typically exclude special items.

"Looking ahead, supply chain and inflationary pressures across the industrial sector present ongoing uncertainty to our near-term outlook. That said, underlying demand remains resilient entering our fiscal second quarter with organic sales up by a mid-teens percent year over year so far in October, while order and backlog trends are encouraging," said Neil Schrimsher, President & CEO.

For the first quarter, the company reported net income of $52.97 million or $1.36 per share, higher than $34.78 million or $0.89 per share in the prior-year quarter.

Net sales for the quarter increased 19.2 percent to $891.68 million from $747.81 million in the same quarter last year. Excluding acquisitions and foreign currency translation effects, sales increased 16.3 percent on an organic basis.

The Street was looking for earnings of $1.26 per share on revenues of $877.0 million for the quarter.

The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.33 per common share, payable on November 30, 2021, to shareholders of record on November 15, 2021.