Applied Industrial Technologies (AIT) reported third-quarter net income of $29.30 million or $0.69 per shre, compared to $29.42 million or $0.69 per share prior year. Net sales increased to $621.65 million from $605.46 million last year.
On average, ten analysts polled by Thomson Reuters expected the company to report profit of $0.68 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $630.46 million for the quarter.
The company said its remains on track to meet previously stated fiscal 2013 earnings guidance of $2.70 to $2.90 per share on sales growth expectations of 4% to 7%. Analysts expect the company to report fiscal 2013 profit per share of $2.80.
The Board of the company has declared a quarterly cash dividend of $0.23 per common share, payable on May 31, 2013, to shareholders of record on May 15, 2013.
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