Applied Industrial Q2 Profit Declines, Yet Top Estimates; Ups Quarterly Dividend

(RTTNews) - Applied Industrial Technologies, Inc. (AIT), a distributor of industrial products for maintenance, repair, and operational needs, Thursday reported a decline in earnings for the second quarter, mainly as revenue decreased. Earnings, however, beat analysts' estimates. The company raised the quarterly cash dividend by 8.7 percent, or $0.02.

Net income declined to $25.9 million, or $0.61 per share, from $27 million, or $0.64 per share, a year earlier. On average, 10 analysts polled by Thomson-Reuters had estimated the company's earnings to be $0.59 for the quarter. Analysts' estimates typically exclude one-time items.

Net sales decreased to $581.95 million from $589.52 million a year ago. Analysts had expected revenue of $593.72 million.

The Board of directors has declared a $0.02 increase in the quarterly cash dividend, payable on February 28 to shareholders of record on February 14.