Applied Industrial Technologies Reports Strong Earnings Despite Revenue Miss
CLEVELAND, Ohio (AP) - Applied Industrial Technologies Inc. (AIT) posted net income of $93.3 million in its fiscal second quarter, exceeding analyst expectations. Earnings per share reached $2.39, surpassing the $2.22 consensus estimate from four analysts surveyed by Zacks Investment Research.
However, revenue fell short of forecasts, with the industrial products company reporting $1.07 billion. Three analysts surveyed by Zacks expected revenue of $1.08 billion.
For the full year, AIT anticipates earnings of $9.65 to $10.05 per share. The company's stock has gained over 5% year-to-date and 41% over the past 12 months.