Applied Industrial Technologies Posts Q1 EPS of $2.97, Tops Estimates; Revenue of $1.29B Misses Forecasts

Applied Industrial Technologies Inc. (AIT) reported fiscal first-quarter net income of $110.4 million, or $2.97 per share, on Tuesday, beating the $2.86 average estimate from four analysts surveyed by Zacks Investment Research. Revenue came in at $1.29 billion, below the $1.3 billion expected by three Zacks analysts. The Cleveland-based industrial products company guided full-year earnings to a range of $11.70 to $12.20 per share. Shares have risen 26% since the start of the year and 25% over the past 12 months.