Applied Industrial Technologies (AIT) on Thursday reported net income of $57.03 million, or $1.46 per share in the second quarter, compared with net loss of $5.33 million or $0.14 per share in the same quarter a year ago.
Analysts polled by Thomson Reuters expected the company to report earnings of $1.08 per share in the quarter Analysts' estimates typically exclude special items.
The company had $49.53 million impairment expense in the year-ago quarter.
Net sales for the quarter increased 16.7% to $876.87 million from $751.29 million in the prior year. The consensus estimate was for $850.87 million.
Looking forward, the company has raised its full-year outlook. EPS is expected to be in the range of $5.70 - $5.90, up from $5.00 - $5.40. The company sees sales growth of 11.5% - 12.5% in the full-year, higher than 8% - 10% provided earlier.
Analysts see earnings of $5.39 per share on revenue growth of 10.9% for the year.
Further, the company's Board declared a quarterly dividend to $0.34 per share, payable on February 28, to shareholders of record on February 15.
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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.