Applied Industrial Technologies Q3 Profit Beats Estimates; Updates Outlook; To Buy Grupo Kopar

(RTTNews) - (Adds outlook, acquisition deal)

For fiscal 2024, Applied Industrial Technologies (AIT) now projects adjusted EPS in the range of $9.55 to $9.70, up from the previous outlook of $9.35 to $9.70.

The company now sees sales to grow 1.5 percent to 2.5 percent, compared with prior guidance of 1 percent to 3 percent.

Additionally, the company announced its decision to acquire Grupo Kopar, a provider of emerging automation technologies and engineered solutions. The acquisition will add approximately 200 new associates to the company's automation team and is expected to close in the coming weeks.

Financial terms of the deal have not been disclosed.

Q3 Results:

Applied Industrial Technologies Inc (AIT) announced earnings for its third quarter that increased from the same period last year and beat the Street estimates.

The company's earnings came in at $97.22 million, or $2.48 per share. This compares with $97.19 million, or $2.47 per share, in last year's third quarter.

Analysts on average had expected the company to earn $2.4 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 1.8% to $1.15 billion from $1.13 billion last year.

Applied Industrial Technologies Inc earnings at a glance (GAAP) :

-Earnings (Q3): $97.22 Mln. vs. $97.19 Mln. last year. -EPS (Q3): $2.48 vs. $2.47 last year. -Revenue (Q3): $1.15 Bln vs. $1.13 Bln last year.