Thursday, August 11, 2022 - Applied Industrial Technologies (AIT) reported upside earnings and revenues today. Applied Industrial Technologies's earnings came in at an EPS of $2.24 per share, 35.00% higher than estimates for an EPS of $1.66 per share. The firm's earnings are up 48% since reporting $1.51 per share in the same period a year ago. Remember, earnings reported were on an adjusted basis, so they may not be comparable to prior reports and/or analyst estimates. Revenues were upbeat at $1.1 billion. That is an increase of 18.43% in revenues from the year-ago report and is 8.55% higher than consensus estimates set at $977.4 million. The stock is up 13.28% to $120.12 after the report. The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall. The average recommendation from Wall Street analysts was a Strong Buy which may get revised based on this new data. InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading. Prior to the report, InvestorsObserver gave the stock an overall score of 62. Meanwhile, the average Wall Street analyst rated the stock a Strong Buy. Applied Industrial Technologies Inc is a distributor of industrial products to the maintenance, repair, and operations market and the original equipment manufacturing industry. Further, the company provides engineering and design services for industrial and fluid power applications. The products include bearings, power transmission components, fluid power components and systems, industrial rubber products, linear motion components, safety products, oilfield supplies, and other industrial and maintenance supplies. Fluid products include hydraulic, pneumatic, lubrication, and filtration systems and components. Applied Industrial Technologies operates primarily in North America, Australia, and New Zealand.
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