Applied Industrial Technologies Q4 Profit Edges Up - Quick Facts

(RTTNews) - Applied Industrial Technologies (AIT) posted marginally higher fourth-quarter net income of $32.3 million, or $0.76 per share, compared with last year's $32.0 million, or $0.75 per share. On average, 10 analysts polled by Thomson Reuters expected earnings per share of $0.76 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly net sales reached $640.5 million, up 3.3% from $620.0 million for the comparable period a year ago. Analysts estimated revenues of $649.73 million for the quarter.

Commenting on the future, the company said, "Moving into fiscal 2014, we remain optimistic about the general industrial economy for the balance of 2013 and anticipate further economic improvements throughout calendar 2014. For fiscal 2014, we are forecasting a sales increase of 4% to 6% and earnings per share in the range of $2.90 to $3.15 per share."