Applied Industrial Q1 Profit Rises, Revenue Up 16% - Quick Facts

(RTTNews) - Applied Industrial Technologies (AIT) Wednesday said first-quarter net income increased to $29.12 million from $26.84 million. Earnings per share rose to $0.70 per share from $0.63 per share in the first quarter of fiscal 2014.

On average, 9 analysts polled by Thomson Reuters expected earnings of $0.71 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter grew 16 percent to $702.3 million from $605.3 million in the same quarter a year ago. Analysts expected revenues of $682.72 million.

Applied's President & CEO Neil Schrimsher said, "We are pleased to report a solid start to the fiscal year with double-digit sales and earnings per share growth for the quarter. Our overall sales increase reflects a 13.3% lift from our recent acquisitions and a 3.2% contribution from core underlying operations, offset by a negative foreign currency translation impact of 0.5%."

Further, the company maintained its full fiscal 2015 guidance for earnings per share between $2.95 and $3.20 per share, on a sales increase of 13 - 16 percent. Analysts expect earnings of $3.06 per share.

The company's Board of Directors declared a quarterly cash dividend of $0.25 per common share, payable on November 28, to shareholders of record on November 14.

Additionally, on October 27, the Board of Directors authorized the repurchase of up to an additional 1.5 million shares of the company's common stock, a plan that replaces the prior share repurchase plan.

Separately, the firm said its Board of Directors has elected Peter Wallace as its independent Chairman. He succeeds John Meier, who has served as Chairman since 2011 and who will continue to serve as a member of the Board.