CLEVELAND (AP) — CLEVELAND (AP) — Applied Industrial Technologies Inc. (AIT) on Tuesday reported fiscal first-quarter earnings of $100.8 million.
On a per-share basis, the Cleveland-based company said it had net income of $2.63.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $2.47 per share.
The industrial products company posted revenue of $1.2 billion in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $1.18 billion.
Applied Industrial Technologies expects full-year earnings to be $10.10 to $10.85 per share.
Applied Industrial Technologies shares have climbed almost 9% since the beginning of the year. The stock has risen 12% in the last 12 months.
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