CLEVELAND (AP) — CLEVELAND (AP) — Applied Industrial Technologies Inc. (AIT) on Tuesday reported fiscal third-quarter earnings of $99.8 million.
On a per-share basis, the Cleveland-based company said it had profit of $2.65.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $2.63 per share.
The industrial products company posted revenue of $1.25 billion in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $1.22 billion.
Applied Industrial Technologies shares have increased 16% since the beginning of the year. The stock has risen 25% in the last 12 months.
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