Applied Industrial Technologies Q2 Profit Beats Estimates, Lifts FY23 EPS Above Range

(RTTNews) - Applied Industrial Technologies, Inc. (AIT) Thursday announced a surge in second-quarter earnings compared to the prior year, supported by 20.9 percent organic growth in higher sales. On a per-share basis, earnings beat estimates. Further, the company raised its fiscal 2023 guidance and declared a quarterly cash dividend.

The quarterly profit increased to $80.46 million or $2.05 per share from $57.03 million or $1.46 per share last year.

On average, 3 analysts polled by Thomson Reuters expected the company to earn $1.67 per share. Analysts' estimates usually exclude special items.

Net sales were $1.060 billion, up from $876.87 million a year ago. Wall Street expected the company to report revenue of $996.47 million.

Looking ahead to fiscal 2023, the company now expects earnings per share to be in a range of $8.10 - $8.50 from its previous outlook of $6.90-$7.55 per share. Analysts estimate earnings of $7.29 per share. Sales are expected to increase by 13-15 percent, up from its previous projection in a range of 5-9 percent, including 6-10 percent on an organic basis.

The company's board declared a quarterly cash dividend of $0.35 per share to shareholders on record February 15, payable on February 28.