CLEVELAND (AP) — CLEVELAND (AP) — Applied Industrial Technologies Inc. (AIT) on Thursday reported fiscal first-quarter profit of $92.1 million.
On a per-share basis, the Cleveland-based company said it had net income of $2.36.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $2.24 per share.
The industrial products company posted revenue of $1.1 billion in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $1.09 billion.
Applied Industrial Technologies expects full-year earnings to be $9.25 to $10 per share.
Applied Industrial Technologies shares have increased 30% since the beginning of the year. The stock has climbed 46% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AIT at https://www.zacks.com/ap/AIT