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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