Applied Industrial Technologies Reports Fiscal 2012 Third Quarter Results and Declares Quarterly Dividend
Net sales for the third quarter increased 7.0% to $605.5 million from $566.0 million in the comparable period a year ago. Net income for the quarter increased 10.9% to $29.4 million, or $0.69 per share, compared to $26.5 million, or $0.61 per share, last year.
For the nine months ended March 31, 2012, sales increased 8.2% to $1.76 billion from $1.62 billion in the same period last year. Net income increased 12.0% to $76.7 million, or $1.79 per share, compared to $68.5 million, or $1.58 per share, last year.
Commenting on the Company's performance, Applied's Chief Executive Officer Neil A. Schrimsher said, "We had solid business performance in the third quarter, continuing our sound operating discipline and focus on operational excellence. We effectively translated our sales gains into good profit contribution, while continuing our asset management execution and strong cash generation. As we finalize our long-range strategic plans, we are encouraged by our opportunities to generate profitable growth and increase shareholder value.
"Entering the final quarter of our fiscal year, we are operating in an active industrial economic environment. We are maintaining our full fiscal 2012 sales guidance of $2.35 billion to $2.45 billion, and we are narrowing our earnings per share guidance to between $2.45 and $2.55 per share," said Schrimsher.
In addition, Mr. Schrimsher announced today that the Company's Board of Directors declared a quarterly cash dividend of $0.21 per common share, payable on May 31, 2012, to shareholders of record on May 15, 2012.
The Company will host its quarterly conference call for investors and analysts at 4 p.m. ET on April 26, 2012. To join the call, dial 1-800-927-0469 or 1-847-944-7323 (for International callers) using passcode 32073750. The call will be conducted by CEO Neil A Schrimsher, President & COO Benjamin J. Mondics, and Vice President & CFO Mark O. Eisele. A live audio webcast can be accessed online at www.Applied.com . A replay of the call will be available for two weeks by dialing 1-888-843-7419 or 1-630-652-3042 (International) using passcode 32073750.
With approximately 480 facilities and 4,600 employee associates, Applied Industrial Technologies is a leading industrial distributor that offers more than 4 million parts critical to the operations of MRO and OEM customers in virtually every industry. In addition, Applied provides engineering, design and systems integration for industrial and fluid power applications, as well as customized mechanical, fabricated rubber and fluid power shop services. Applied also offers maintenance training, plus solutions to meet inventory and storeroom management needs that help provide enhanced value to its customers. For its fiscal year ended June 30, 2011, Applied posted sales of $2.2 billion. Applied can be visited on the Internet at http://www.applied.com .
This press release contains statements that are forward-looking, as that term is defined by the Securities and Exchange Commission in its rules, regulations and releases. Forward-looking statements
To read the full report, visit www.applied.com.