Applied Industrial Raises Full-year Guidance - Quick Facts

(RTTNews) - Applied Industrial Technologies (AIT) increased its full-year earnings per share guidance to a range between $3.51 and $3.61 per share, on sales which are anticipated to be 17.5% to 18.5% higher year over year. The company also announced that its Board declared a quarterly cash dividend of $0.30 per common share, payable on May 31, 2018, to shareholders of record on May 15, 2018.

First-quarter earnings per share rose 24.0% to $0.93 per share, compared with $0.75 per share in the prior year quarter. Net sales for the quarter grew 21.8% to $827.7 million from $679.3 million in the same quarter a year ago. The company said the overall sales increase for the quarter reflects a 15.3% increase from acquisition-related volume and favorable foreign currency translation of 0.8%. Excluding these factors, organic growth was up 6.7% in the quarter.