Applied Industrial fiscal 2008 1Q earnings beat expectations; revenue up 5.3% |
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Published
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Tue, 23 Oct 2007 13:56
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NEW YORK (Thomson Financial) - Applied Industrial Technologies Tuesday said 2008 fiscal first-quarter net income was $24.5 million, or 56 cents a share, beating the mean estimate of analysts polled by Thomson Financial of 52 cents a share.Net sales for the Cleveland-based distributor of industrial products rose 5.3% to $518.5 million, versus the $517.8 million analyst estimate.The company sees full-year 2008 earnings of $2.05 a share to $2.20 a share, and sales of $2.1 billion to $2.18 billion. Analysts are currently looking for earnings of $2.13 a share on sales of $2.12 billion.Shares of Applied Industrial Technologies closed Monday at $29.70.Ryan Vlastelicarv/pcCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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