Applied Industrial Technologies Q1 Profit Down; Updates FY Targets

(RTTNews) - Applied Industrial Technologies (AIT) said its first-quarter net income dropped to $26.8 million, or $0.63 per share, from $29.5 million, or $0.70 per share, last year. On average, 10 analysts polled by Thomson Reuters expected earnings per share of $0.70 for the quarter. Analysts' estimates typically exclude one-time items.

Net sales for the quarter were $605.3 million, down less than 1% when compared with $610.5 million a year ago. Eight analysts estimated revenues of $628.78 million for the first quarter.

Based on the current industrial economic activity and near-term outlook, the firm now expects fiscal 2014 sales in a range of $2.43 billion - $2.49 billion, and earnings between $2.65 and $2.95 per share. Analysts anticipate annual earnings of $3.02 per share and revenue of $2.58 billion.