Applied Industrial Technologies Reports Fourth-quarter Profit VS. Year-ago Loss

Resource from: CBCC Likes:2949

Aug 11,2010

Applied Industrial Technologies(AIT)has reported a fourth-quarter profit compared to a year-earlier loss, and has forecast higher earnings for the fiscal year ahead. The distributor of bearings and industrial parts said its net income in the quarter totaled $27.7 million, or 64 cents per diluted share. In the fourth quarter of fiscal 2009, applied lost $8 million, or 19 cents a share, which included goodwill impairment charges of $36.6 million. "We are very pleased with our operating performance in fiscal 2010 and are looking forward to more improvement in fiscal 2011,” David Pugh, Applied chairman and CEO, said in a statement. “Some industries such as housing are struggling. Manufacturing, which led the recovery, is relatively strong,” Mr. Pugh said. “While there is unusual uncertainty about where the industrial economy is headed over the next 12 months, we are still expecting growth in fiscal 2011. We expect earnings per share for fiscal 2011 to be in the range of $1.70 to $1.95, on expected sales of $2.05 billion to $2.25 billion." For all of fiscal 2009, Applied earned $65.9 million, or $1.54 per diluted share, on sales of $1.89 billion.

(CBCC)

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