Applied Industrial Narrows FY24 Adj. EPS Outlook Range; Q2 Results Top Estimates
(RTTNews) - While reporting financial results for the second quarter on Thursday, Applied Industrial Technologies Inc. (AIT) narrowed its adjusted earnings guidance range for the full-year 2024, while trimming annual sales growth outlook.
For fiscal 2024, the company now projects adjusted earnings in a range of $9.35 to $9.70 per share on sales growth 1 to 3 percent.
Previously, the company expected adjusted earnings in the range of $9.25 to $9.80 per share on sales growth 1 to 4 percent.
On average, three analysts polled by Thomson Reuters expect the company to report earnings of $9.48 per share on revenue growth of 2.3 percent to $4.52 billion for the year. Analysts' estimates typically exclude special items.
For the second quarter, the company reported net income of $91.23 million or $2.32 per share, higher than $80.46 million or $2.05 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter were $2.24 per share.
Net sales for the quarter increased 1.6 percent to $1.08 billion from $1.06 billion in the same quarter last year. Excluding acquisitions and foreign currency translation effects, sales edged down 0.1 percent on an organic basis.
The Street was looking for earnings of $2.11 per share on revenues of $1.06 billion for the quarter.
The Company also announced that its Board of Directors approved a 6 percent increase in the quarterly cash dividend to $0.37 per common share, payable on February 29, 2024, to shareholders of record on February 15, 2024.
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