Applied Industrial Technologies, Inc. (AIT) posted increase in third quarter profit to $29.42 million or $0.69 per share from $26.54 million or $0.61 per share a year ago.
On average, 7 analysts polled by Thomson Reuters expected the company to report earnings of $0.64 per share. Analysts' estimates typically exclude special items.
Net sales grew to $605.46 million from $565.97 million a year ago. Analysts expected revenues of $604.34 million.
The company is maintaining its fiscal 2012 sales guidance of $2.35 billion to $2.45 billion, and is narrowing its earnings per share guidance to between $2.45 and $2.55 per share. Analysts expect earnings per share of $2.51 per share, on revenues of $2.38 billion.
The Company's Board of Directors declared a quarterly cash dividend of $0.21 per common share, payable on May 31, 2012, to shareholders of record on May 15, 2012.
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