Applied Industrial Technologies Q2 Results Beat View; Lifts FY Earnings Outlook

(RTTNews) - Applied Industrial Technologies (AIT) reported a 29 percent increase in profit for the second quarter from last year on higher revenues. Results for the quarter beat analysts' estimates. In addition, the company raised its earnings outlook for fiscal 2018.

Net income for the second quarter increased to $31.0 million or $0.79 per share from $24.1 million or $0.61 per share in the prior-year quarter.

Net sales for the quarter grew 9.7 percent to $667.2 million from $608.1 million in the same quarter a year ago.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.71 per share for the quarter on revenues of $653.84 million. Analysts' estimates typically exclude special items.

Looking ahead, the company raised its full-year 2018 earnings per share outlook to a range between $3.40 and $3.50 per share, on sales which are anticipated to be 6 percent to 7 percent higher year-over-year. The revised guidance includes approximately $0.11 earnings per share benefit from U.S.tax reform.

The Street expects the company to earn $3.34 per share for the year on revenues of $2.77 billion for the year.

Applied Industrial Technologies' board of directors declared a quarterly cash dividend of $0.30 per common share, an increase of $0.01 per common share over the prior quarter. The dividend is payable on February 28, 2018, to shareholders of record on February 15, 2018.