Applied Industrial Technologies Q2 Results Beat Street; Raises Annual Outlook Above View

(RTTNews) - Applied Industrial Technologies (AIT) on Thursday reported net income of $57.03 million, or $1.46 per share in the second quarter, compared with net loss of $5.33 million or $0.14 per share in the same quarter a year ago.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.08 per share in the quarter Analysts' estimates typically exclude special items.

The company had $49.53 million impairment expense in the year-ago quarter.

Net sales for the quarter increased 16.7% to $876.87 million from $751.29 million in the prior year. The consensus estimate was for $850.87 million.

Looking forward, the company has raised its full-year outlook. EPS is expected to be in the range of $5.70 - $5.90, up from $5.00 - $5.40. The company sees sales growth of 11.5% - 12.5% in the full-year, higher than 8% - 10% provided earlier.

Analysts see earnings of $5.39 per share on revenue growth of 10.9% for the year.

Further, the company's Board declared a quarterly dividend to $0.34 per share, payable on February 28, to shareholders of record on February 15.