Advertisement
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.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com
Applied Industrial Narrows FY24 Adj. EPS Outlook Range; Q2 Results Top Estimates
Bank Of England Cuts Rate In Tight Vote
Global Cues, Firm Commodity Prices Point To Another Firm Start On Bay Street
U.S. Labor Productivity Surges 2.4% In Second Quarter
U.S. Weekly Jobless Claims Rise More Than Expected
Pound Jumps After BoE Rate Decision
CAC 40 Remains Firmly Up; ArcelorMittal Rises Over 7%
