Applied Industrial Technologies (NYSE: AIT)

Industrial products company, Applied Industrial Technologies presented its fiscal fourth-quarter financial results before markets opened on August 10, 2018.

Shares of the company closed regular trading at $74.55 on Thursday, but added $5.45, or 7.31% in premarket trading Friday after the earnings report.

The stock has climbed 9.5% year-to-date and gained 34% in the last year.

AIT Earnings & Outlook

The company posted a net income of $40.4 million, or $1.03 per share during the quarter. Excluding special items, Applied Industrial Technologies earned $1.03 per share.

Revenue during the three months to June 30, 2018, was $897.7 million, compared to revenue of $681.47 million last year.

Full-year net income was $141.6 million, or $3.61 per share on sales of $3.07 billion. Looking ahead, the company hopes to report earnings to of between $4.48 and $4.68 per share for the full year.

Applied Industrial Technologies CEO Comments

Commenting on the results, Applied Industrial Technologies President & Chief Executive Officer Neil Schrimsher said, “Fiscal 2018 proved to be an exciting and successful year, including record fiscal-year financial performance and continued progress in enhancing our differentiation as a value-added industrial distributor.

Schrimsher continued, “We are extremely pleased with the engagement of the FCX Performance team members and our progress to date, and we are even more excited about the growth opportunities in the new fiscal year. As we celebrate 95 years of business, Applied is well-positioned as the technical MRO distributor leader, and we are committed to leveraging our expanding capabilities to generate further benefits for all of our stakeholders.”