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Applied Industrial Technologies: Fiscal 3Q Earnings Snapshot

CLEVELAND (AP) _ Applied Industrial Technologies Inc. (AIT) on Friday reported fiscal third-quarter earnings of $16.5 million.

On a per-share basis, the Cleveland-based company said it had profit of 42 cents. Earnings, adjusted for asset impairment costs and non-recurring costs, were $1.16 per share.

The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.17 per share.

The industrial products company posted revenue of $885.4 million in the period.

Applied Industrial Technologies expects full-year earnings in the range of $4.50 to $4.60 per share.

Applied Industrial Technologies shares have increased 14 percent since the beginning of the year. The stock has declined 13 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AIT at https://www.zacks.com/ap/AIT