Applied Industrial Technologies (AIT) reported fourth quarter non-GAAP adjusted net income of $31.1 million, or $0.80 per share. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.68, for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter decreased 17.9% to $725.1 million from $882.7 million in the prior year. Sales decreased 18.4% on an organic basis. Analysts expected revenue of $739.39 million for the quarter.
The company projects first quarter sales to decline 17% to 18% year-over-year on an
organic basis.
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