Applied Industrial Technologies (NYSE: AIT)
Industrial products company, Applied Industrial Technologies presented its fiscal fourth-quarter financial results before markets opened on August 10, 2018.
Shares of the company closed regular trading at $74.55 on Thursday, but added $5.45, or 7.31% in premarket trading Friday after the earnings report.
The stock has climbed 9.5% year-to-date, and gained 34% in the last year.
AIT Earnings & Outlook
The company posted a net income of $40.4 million, or $1.03 per share during the quarter. Excluding special items, Applied Industrial Technologies earned $1.03 per share.
Revenue during the three months to June 30, 2018 was $897.7 million, compared to revenue of $681.47 million last year.
Full-year net income was $141.6 million, or $3.61 per share on sales of $3.07 billion. Looking ahead, the company hopes to report earnings to of between $4.48 and $4.68 per share for the full year.
Applied Industrial Technologies CEO Comments
Commenting on the results, Applied Industrial Technologies President & Chief Executive Officer Neil Schrimsher said, “Fiscal 2018 proved to be an exciting and successful year, including record fiscal-year financial performance and continued progress in enhancing our differentiation as a value-added industrial distributor.
Schrimsher continued, “We are extremely pleased with the engagement of the FCX Performance team members and our progress to date, and we are even more excited about the growth opportunities in the new fiscal year. As we celebrate 95 years of business, Applied is well-positioned as the technical MRO distributor leader, and we are committed to leveraging our expanding capabilities to generate further benefits for all of our stakeholders.”
Applied Industrial Technologies, Inc. Company Profile
Applied Industrial Technologies, Inc. distributes industrial products in the United States, Puerto Rico, Canada, Mexico, Australia, New Zealand, and Singapore.
The company offers its products for maintenance, repair, and operational, as well as original equipment manufacturing customers. It operates in two segments, Service Center-Based Distribution and Fluid Power Businesses.
The company distributes bearings, power transmission components, fluid power components and systems, industrial rubber products, linear motion components, tools, safety products, oilfield supplies, and other industrial and maintenance supplies; and fluid power products, such as hydraulic, pneumatic, lubrication, and filtration components and systems.
It also operates fabricated rubber shops that modify and repair conveyor belts, as well as provide hose assemblies; and field crews to install and repair conveyor belts and rubber lining at customer locations.
In addition, the company rebuilds or assembles speed reducers, pumps, valves, cylinders, and electric and hydraulic motors, as well as custom machining products; and offers equipment repair services and technical advice to customers.
It offers industrial products through a network of service centers; and fluid power products directly to customers or through service centers.
The company serves various industries, including agriculture and food processing, automotive, chemicals and petrochemicals, fabricated metals, forest products, industrial machinery and equipment, mining, oil and gas, primary metals, transportation, and utilities, as well as government entities.
Applied Industrial Technologies, Inc. was founded in January 1923 by Joseph Bruening and is headquartered in Cleveland, Ohio. –CNNMoney