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.
For comments and feedback contact: editorial@rttnews.com
Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.