Applied Industrial Trims FY20 Outlook Range, Boosts Dividend - Quick Facts

(RTTNews) - While reporting financial results for the second quarter of fiscal 2020 on Thursday, Applied Industrial Technologies Inc. (AIT) trimmed the top end of its adjusted earnings and net sales growth guidance range for the full-year 2020, following year to date performance and ongoing end-market uncertainty.

For fiscal 2020, the company now projects adjusted earnings in a range of $4.20 to $4.40 per share on a change in sales between down 2 percent and flat, including down 5 to 3 percent on an organic daily basis.

Previously, the company expected adjusted earnings in the range of $4.20 to $4.50 per share on a change in sales between down 2 percent and up 2 percent, including down 5 to 1 percent on an organic daily basis.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $4.34 per share on a sales growth of 0.3 percent to $3.48 billion for the year. Analysts' estimates typically exclude special items.

Further, the Company also announced that its Board of Directors approved a 1 cent increase in the quarterly cash dividend to $0.32 per common share, payable on February 28, 2020, to shareholders of record on February 14, 2020.