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Applied Industrial Boosts FY23 Outlook As Q3 Results Top Estimates
(RTTNews) - While reporting financial results for the third quarter on Thursday, Applied Industrial Technologies Inc. (AIT) raised its earnings and sales growth guidance for the full-year 2023, based on the third-quarter performance.
For fiscal 2023, the company now projects earnings in a range of $8.47 to $8.60 per share on sales growth 14 to 15 percent.
Previously, the company expected earnings in the range of $8.10 to $8.50 per share on sales growth 13 to 15 percent.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $8.32 per share on revenue growth of 14.2 percent to $4.35 billion for the year. Analysts' estimates typically exclude special items.
For the third quarter, the company reported net income of $97.19 million or $2.47 per share, higher than $68.31 million or $1.75 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter were $2.38 per share.
Net sales for the quarter increased 15.4 percent to $1.13 million from $980.66 million in the same quarter last year. Excluding acquisitions and foreign currency translation effects, sales increased 15.0 percent on an organic basis.
The Street was looking for earnings of $2.15 per share on revenues of $1.12 billion for the quarter.
The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.35 per common share, payable on May 31, 2023, to shareholders of record on May 15, 2023.
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