Applied Industrial Technologies Reports Fiscal 2015 First Quarter Results, Declares Dividend and Announces New Stock Repurchase Plan
Resource from: Applied Industrial Technologies,sales and earnings Likes:206
Oct 30,2014
CLEVELAND, Oct. 29, 2014 /PRNewswire/ -- Applied Industrial Technologies (AIT) today reported first quarter fiscal 2015 sales and earnings for the three months ended September 30, 2014.
Net sales for the quarter grew 16% to $702.3 million from $605.3 million in the same quarter a year ago. Net income for the quarter increased to $29.1 million from $26.8 million, and earnings per share rose 10.5% to $0.70 per share, compared with $0.63 per share in the first quarter of fiscal 2014.
Commenting on the results, Applied's President & Chief Executive Officer Neil A. Schrimsher said, "We are pleased to report a solid start to the fiscal year with double-digit sales and earnings per share growth for the quarter. Our overall sales increase reflects a 13.3% lift from our recent acquisitions and a 3.2% contribution from core underlying operations, offset by a negative foreign currency translation impact of 0.5%.
"We enter our second quarter with positive momentum, and we are well-positioned for continued improvements in sales, operations and earnings. All across Applied, we are focused on expanding our value-add, extending our market reach, and enhancing our capabilities to serve our customers.
"Looking ahead, we see an industrial market that offers continued opportunities for growth, and we are maintaining our full fiscal 2015 guidance for earnings per share between $2.95 and $3.20 per share, on a sales increase of 13% - 16%."
In addition, Mr. Schrimsher announced that the Company's Board of Directors declared a quarterly cash dividend of $0.25 per common share, payable on November 28, 2014, to shareholders of record on November 14, 2014.
During the quarter, the Company purchased 214,000 shares of its common stock in open market transactions for $10.4 million. At September 30, 2014, the Company had remaining authorization to purchase 167,600 additional shares. In addition, on October 27, the Board of Directors authorized the repurchase of up to an additional 1.5 million shares of the Company's common stock – a plan that replaces the prior share repurchase plan. The new authorization represents approximately 4% of the shares currently outstanding, and these purchases can be made in open market and negotiated transactions.
"The Board's authorization of a new stock repurchase plan reflects our confidence in the Company's financial strength and strategic plan, and our ongoing commitment to generating increased shareholder value," added Mr. Schrimsher.
Applied will host its quarterly conference call for investors and analysts at 10 a.m. ET on October 29. Neil A. Schrimsher – President & CEO, and Mark O. Eisele – CFO will discuss the Company's performance. To join the call, dial 1-800-755-1805 or 1-212-231-2910 (for International callers). A live audio webcast can be accessed online through the investor relations portion of the Company's website at www.applied.com. A replay of the call will be available for two weeks by dialing 1-800-633-8284 or 1-402-977-9140 (International) using passcode 21734241.
With more than 560 facilities and 5,800 employee associates, Applied Industrial Technologies is a leading industrial distributor that offers more than five million parts to serve the needs of MRO and OEM customers in virtually every industry. In addition, Applied provides engineering, design and systems integration for industrial and fluid power applications, as well as customized mechanical, fabricated rubber and fluid power shop services. Applied also offers maintenance training and inventory management solutions that provide added value to its customers. Applied can be visited on the Internet at www.applied.com.
(Applied Industrial Technologies,sales and earnings)
【CBCC News Statement】
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.
Previous FRANTZ Participates in Sauk Valley Region Mfg. Day
Next Dana to Pay Dividend on Common Stock
Next Dana to Pay Dividend on Common Stock
BRIEF INTRODUCTION
Cnbearing is the No.1 bearing inquiry system and information service in China, dedicated to helping all bearing users and sellers throughout the world.
Cnbearing is supported by China National Bearing Industry Association, whose operation online is charged by China Bearing Unisun Tech. Co., Ltd.
China Bearing Unisun Tech. Co., Ltd owns all the rights. Since 2000, over 3,000 companies have been registered and enjoyed the company' s complete skillful service, which ranking many aspects in bearing industry at home and abroad with the most authority practical devices in China.
