Applied Industrial Technologies Q4 Profit and Revenues Rise; Issues Fiscal 2014 Outlook (AIT)

Applied Industrial Technologies Q4 Profit and Revenues Rise; Issues Fiscal 2014 Outlook (AIT)


Before the opening bell on Wednesday, industrial equipment and products supplier Applied Industrial Technologies (AIT) reported a slight increase in fourth quarter profits on a 3.3% year-over-year rise in revenues. While earnings were able to meet Wall Street expectations, revenues came up short of estimates.

The Cleveland, Ohio-based company posted a fourth quarter net income of $32.3 million, or 76 cents per share, up slightly from $32.0 million, or 75 cents per share, earned in the same period a year ago. According to analysts polled by Thomson Reuters, the company was expected to earn 76 cents per share in the fourth quarter.

Applied Industrial Technologies’ fourth quarter revenues came in at $640.5 million, up from $620.0 million in revenues posted in the fourth quarter of 2012. On average, analysts were expecting the company to see revenues of $649.73 million for the quarter.

Looking forward, the company commented, “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.”

Analysts expect AIT to earn $3.12 per share in fiscal 2014.

Applied Industrial Technologies shares were up $1.01, or 1.99%, during pre-market trading on Wednesday. The stock is up 20.78% year-to-date.

The Bottom Line
Shares of Applied Industrial Technologies (AIT) offer a dividend yield of 1.81% based on last night’s closing price of $50.74 and the company’s annualized dividend payout of 92 cents per share.

Applied Industrial Technologies (AIT) is not recommended at this time, holding a DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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