Applied Industrial Technologies, Inc. Reports Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2014; Provides Earnings Guidance for the Second Half of Fiscal 2015
January 29, 2015 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, 2014. For the quarter, the company reported net sales of $691,702,000 against $581,949,000 a year ago. Operating income was $46,807,000 against $39,837,000 a year ago. Income before income taxes was $44,472,000 against $40,259,000 a year ago. Net income was $29,707,000 against $25,909,000 a year ago. Basic and diluted earnings per share were $0.72 against diluted earnings per share of $0.61 a year ago. Cash generated from operating activities was $19.3 million for the second quarter compared to $15.7 million in the prior year quarter.
For the six months, the company reported net sales of $1,394,027,000 against $1,187,254,000 a year ago. Operating income was $92,972,000 against $79,376,000 a year ago. Income before income taxes was $88,731,000 against $80,828,000 a year ago. Net income was $58,829,000 against $52,753,000 a year ago. Diluted earnings per share were $1.41 against $1.24 a year ago. Net cash provided by operating activities was $1,173,000 against $32,663,000 a year ago. Property purchases were $7,806,000 against $4,126,000 a year ago.
For the second half of fiscal 2015, the company is narrowing full-year guidance range for earnings per share to between $2.95 and $3.10 per share, on a sales increase of 13% to 15%. The company expects its tax rate for the remaining two quarters of fiscal 2015 will be around 34.0% to 34.5%. The company expects cash provided from operating activities to be greater than its annual net income amount.
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, 2014; Provides Earnings Guidance for the Second Half of Fiscal 2015