Applied Industrial Technologies Reports Profit For Q3- Quick Facts

(RTTNews) - Applied Industrial Technologies (AIT) reported net income of $56.1 million, or $1.42 per share in the third quarter compared with net loss of $82.8 million or 2.14 per share in the same quarter a year ago. The latest results reflected absence of certain intangible and other impairment charges the company had incurred last year

Excluding items, adjusted income was $54.1 million, or $1.37 per share, that beat the average estimate of analysts surveyed by Thomson Reuters at $1.03 per share. Analysts' estimates typically exclude special items.

Net sales for the quarter increased 1.2% to $840.9 million from $830.8 million in the prior year. The consensus estimate stood at $814.9 million.

Looking forward, the company projects sales growth of 2021 in the range of 12% to 13% on an organic basis, which is based on month-to-date sales in April and assuming normal seasonal patterns.

The company announced a quarterly dividend of $0.33 per share payable on May 28, to shareholders of record on May 14.