This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Applied Industrial Tech's 3Q Profit Jumps 43 Pct

CLEVELAND (AP) â¿¿ Industrial parts distributor Applied Industrial Technologies Inc. said Thursday its fiscal third-quarter profit rose a better-than-expected 43 percent, and raised its expectations for the year.

The company said that while year-ago comparisons were relatively easy to improve upon, it was encouraged to see "broad-scale activity" in the industries it serves. Applied Industrial sells its bearings, power transmission products, tools and other items to customers in industries including agriculture and food processing, automotive, mining and utilities, as well as to government agencies.

"As we talk with our customers and our suppliers, we are cautiously optimistic for moderate economic recovery through the remainder of our fiscal year," Chairman and CEO David L. Pugh said in a statement.

Shares of Applied Industrial Technologies rose 93 cents, or 3.5 percent, to $27.80 â¿¿ their highest point since the fall of 2008.

The company said it earned $16.5 million, or 39 cents per share, in the three months ended March 31. That compares with $11.6 million, or 27 cents per share, a year earlier. Revenue rose 8 percent to $486.1 million from $451.6 million.

The results easily topped the average estimates of analysts surveyed by Thomson Reuters, who had forecast profit of 30 cents per share and revenue of $462.1 million.

Looking forward, Applied Industrial raised its fiscal 2010 profit outlook to $1.18 to $1.33 per share on $1.85 billion to $1.9 billion in revenue. Previously, it predicted earnings per share of 95 cents to $1.25 per share on revenue of $1.75 billion to $1.85 billion.

On average, analysts are looking for net income of $1.15 per share and $1.82 billion in revenue.
Copyright 2010 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AIT $39.68 0.00%
AAPL $126.44 0.00%
FB $87.28 0.00%
GOOG $523.40 0.00%
TSLA $280.02 0.00%

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs