Applied Industrial Technologies Q1 Net Income Rises; Increases FY23 Guidance

(RTTNews) - Applied Industrial Technologies (AIT) reported first quarter net income of $76.9 million or $1.97 per share compared to $53.0 million or $1.36 per share, prior year. On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $1.63, for the quarter. Analysts' estimates typically exclude special items.

Net sales increased 19.1% to $1.1 billion from $891.7 million, prior year. Excluding items, sales increased 19.4% on an organic basis. Analysts on average had estimated $988.5 million in revenue.

Looking forward, the company now projects EPS of $6.90 to $7.55, revised from prior guidance of $6.65 to $7.30. Sales growth is estimated in range of of 5% to 9% including 6% to 10% on an organic basis. Prior guidance was 3% to 7%.

The company also announced that its Board of Directors declared a quarterly cash dividend of $0.34 per common share, payable on November 30, 2022, to shareholders of record on November 15, 2022.

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