Applied Industrial Technologies Inc (AIT) released a profit for first quarter that declined from last year.
The company said its bottom line dropped to $24.29 million, or $0.61 per share. This was down from $29.12 million, or $0.70 per share, in last year's first quarter.
Analysts had expected the company to earn $0.66 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company said revenue for the quarter fell 8.6% to $641.90 million. This was down from $702.33 million last year.
Applied Industrial Technologies Inc earnings at a glance:
-Earnings (Q1): $24.29 Mln. vs. $29.12 Mln. last year.
-Earnings Decline (Y-o-Y): -16.6%
-EPS (Q1): $0.61 vs. $0.70 last year.
-EPS Decline (Y-o-Y): -12.9%
-Analysts Estimate: $0.66
-Revenue (Q1): $641.90 Mln vs. $702.33 Mln last year.
-Revenue Change (Y-o-Y): -8.6%
-Guidance:
Full year EPS guidance: $2.65 - $2.85
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