Applied Industrial Narrows FY24 Adj. EPS Outlook Range; Q2 Results Top Estimates

RTTNews | 560 days ago
Stocktwits
Applied Industrial Narrows FY24 Adj. EPS Outlook Range; Q2 Results Top Estimates

(RTTNews) - While reporting financial results for the second quarter on Thursday, Applied Industrial Technologies Inc. (AIT) narrowed its adjusted earnings guidance range for the full-year 2024, while trimming annual sales growth outlook.

For fiscal 2024, the company now projects adjusted earnings in a range of $9.35 to $9.70 per share on sales growth 1 to 3 percent.

Previously, the company expected adjusted earnings in the range of $9.25 to $9.80 per share on sales growth 1 to 4 percent.

On average, three analysts polled by Thomson Reuters expect the company to report earnings of $9.48 per share on revenue growth of 2.3 percent to $4.52 billion for the year. Analysts' estimates typically exclude special items.

For the second quarter, the company reported net income of $91.23 million or $2.32 per share, higher than $80.46 million or $2.05 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter were $2.24 per share.

Net sales for the quarter increased 1.6 percent to $1.08 billion from $1.06 billion in the same quarter last year. Excluding acquisitions and foreign currency translation effects, sales edged down 0.1 percent on an organic basis.

The Street was looking for earnings of $2.11 per share on revenues of $1.06 billion for the quarter.

The Company also announced that its Board of Directors approved a 6 percent increase in the quarterly cash dividend to $0.37 per common share, payable on February 29, 2024, to shareholders of record on February 15, 2024.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

Tags: AIT
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FTSE 100 Moderately Lower; BoE Cuts Interest Rate By 0.25%

FTSE 100 Moderately Lower; BoE Cuts Interest Rate By 0.25%

The U.K. market is down in negative territory a little past noon on Thursday, extending its morning weakness, as investors largely remain cautious despite the Bank of England (BoE) reducing interest rate by a quarter percentage point this noon.
RTTNews | 4 minutes ago
DAX Up Sharply As Investors React Positively To Earnings

DAX Up Sharply As Investors React Positively To Earnings

German stocks are up sharply on Thursday, with investors shrugging tariff concerns and going on a buying spree across the board, focusing mostly on earnings. A report showing a growth in the nation's exports in the quarter ended June is aiding sentiment, somewhat outweighing the data showing a sharp drop in industrial output in the month fof June.
RTTNews | 31 minutes ago
Euro Rises Against Majors

Euro Rises Against Majors

The euro strengthened against other major currencies in the European session on Thursday.
RTTNews | 40 minutes ago
German Industrial Output Declines Most In 11 Months

German Industrial Output Declines Most In 11 Months

Germany's industrial production logged its biggest fall in nearly a year in June, data from Destatis revealed on Thursday. Industrial output decreased 1.9 percent on a monthly basis in June, worse than the economists' forecast of 0.4 percent drop. This was the biggest fall since July 2024.Production for May was revised down from the initially estimated 1.2 percent increase.
RTTNews | 52 minutes ago
Indian Rupee Rises To 3-day High Against U.S. Dollar

Indian Rupee Rises To 3-day High Against U.S. Dollar

The Indian rupee strengthened against the U.S. dollar in the Asian session on Thursday, as the monetary policy outlook from the Reserve Bank of India (RBI) helped the Indian currency amid rising trade tensions with the United States (US).
RTTNews | 1h 6min ago
Sensex, Nifty End Marginally Higher After Early Losses

Sensex, Nifty End Marginally Higher After Early Losses

Indian shares reversed early losses to end on a flat note Thursday. A cautious undertone prevailed after U.S. President Donald Trump signed an executive order imposing an additional 25 percent tariff on India as a "penalty" in response to its continued purchase of Russian oil.
RTTNews | 1h 16min ago
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