Applied Industrial Technologies, Inc. Reports Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2016; Provides Earnings Guidance for the Fiscal Year 2017
January 26, 2017 at 05:00 pm IST
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Applied Industrial Technologies, Inc. reported consolidated earnings results for the second quarter and six months ended December 31, 2016. For the quarter, the company reported net sales of $608,123,000 against $610,346,000 a year ago. Operating income was $37,656,000 against $38,362,000 a year ago. Income before income taxes was $35,767,000 against $36,149,000 a year ago. Net income was $24,085,000 against $23,947,000 a year ago. Diluted earnings per share were $0.61 against $0.61 a year ago.
For the six months, the company reported net sales of $1,232,971,000 against $1,252,250,000 a year ago. Operating income was $80,874,000 against $79,388,000 a year ago. Income before income taxes was $77,237,000 against $73,984,000 a year ago. Net income was $51,456,000 against $48,238,000 a year ago. Diluted earnings per share were $1.31 against $1.22 a year ago. Net cash provided by operating activities was $45,658,000 compared to $33,846,000 in the prior year quarter. Property purchases were $6,710,000 against $5,737,000 a year ago.
Entering the second half of fiscal year, the company is narrowing its earnings per share and sales guidance by raising the lower-end of the ranges. The updated full-year fiscal 2017 earnings per share guidance is between $2.50 and $2.60 per share on a sales change of negative 2.0% to up 1.0%.
Applied Industrial Technologies, Inc. is a value-added distributor and technical solutions provider of industrial motion, fluid power, flow control, automation technologies, and related maintenance supplies. The Companyâs segments include Service Center Based Distribution and Engineered Solutions. The Service Center Based Distribution segment operates through local service centers and distribution centers with a focus on providing products and services addressing the maintenance and repair of motion control infrastructure and production equipment. Its products include industrial bearings, motors, belting, drives, couplings, pumps, linear motion products, hydraulic and pneumatic components, filtration supplies, and hoses. The Engineered Solutions segment includes its operations that specialize in distributing, engineering, designing, integrating, and repairing hydraulic and pneumatic fluid power technologies, and engineered flow control products and services.
Applied Industrial Technologies, Inc. Reports Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2016; Provides Earnings Guidance for the Fiscal Year 2017