Applied Industrial Technologies Inc. (AIT) on Thursday reported net loss for the second quarter of $5.33 million or $0.14 per share, compared to net income of $38.03 million or $0.97 per share last year.
The latest quarter's results include a non-cash impairment charge of $49.5 million pre-tax and non-routine costs of $7.8 million pre-tax.
Excluding items, adjusted earnings for the quarter were $0.98 per share.
Net sales for the quarter decreased 9.9 percent to $751.3 million from $833.4 million in the prior-year quarter.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.74 per share for the quarter on revenues of $736.82 million. Analysts' estimates typically exclude special items.
Based on month to date sales in January and assuming normal seasonal patterns, Applied Industrial Technologies forecast third-quarter sales to decline 3 percent to 4 percent year over year on an organic basis. The Street expects revenue for the quarter to decline 4.8 percent to $790.65 million.
The company also said its board of directors approved an increase in the quarterly cash dividend to $0.33 per common share, payable on February 26, 2021, to shareholders of record on February 16, 2021.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.