Applied Industrial Raises FY19 Earnings Outlook - Quick Facts

(RTTNews) - Applied Industrial Technologies Inc. (AIT) on Wednesday raised its fiscal 2019 earnings guidance to a range of $4.65 to $4.85 per share from the previous forecast range of $4.48 to $4.68 per share. This is based on the company's performance and the discrete tax benefit in the quarter.

However, the company continues to project full-year net sales to increase in the 16.0 to 18.0 percent range.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $4.68 per share on sales growth of 17.3 percent to $3.60 billion for the year. Analysts' estimates typically exclude special items.

Further, the Company also announced that its Board of Directors declared a quarterly cash dividend of $0.30 per common share, payable on November 30, 2018, to shareholders of record on November 15, 2018.

For the first quarter, net income increases to $48.94 million or $1.24 per share from $33.72 million or $0.86 per share in the prior-year quarter. Net sales increased 27.0 percent to $864.52 million from last year's $680.70 million. Organic sales growth was 6.9 percent.

Analysts expected quarterly earnings of $1.12 per share on sales of $874.66 million.