CLEVELAND (AP) — CLEVELAND (AP) — Applied Industrial Technologies Inc. (AIT) on Thursday reported fiscal fourth-quarter earnings of $118.6 million.
The Cleveland-based company said it had profit of $3.17 per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $2.92 per share.
The industrial products company posted revenue of $1.35 billion in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $1.29 billion.
For the year, the company reported profit of $414.5 million, or $10.95 per share. Revenue was reported as $4.97 billion.
Applied Industrial Technologies expects full-year earnings to be $11.65 to $12.15 per share.
Applied Industrial Technologies shares have increased 37% since the beginning of the year. The stock has climbed 30% in the last 12 months.
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