CLEVELAND (AP) — CLEVELAND (AP) — Applied Industrial Technologies Inc. (AIT) on Thursday reported fiscal fourth-quarter earnings of $107.8 million.
On a per-share basis, the Cleveland-based company said it had profit of $2.80.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $2.60 per share.
The industrial products company posted revenue of $1.22 billion in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $1.18 billion.
For the year, the company reported profit of $393 million, or $10.12 per share. Revenue was reported as $4.56 billion.
Applied Industrial Technologies expects full-year earnings to be $10 to $10.75 per share.
Applied Industrial Technologies shares have increased 15% since the beginning of the year. The stock has increased 40% in the last 12 months.
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