Applied Industrial Shares Rise

Shares of Applied Industrial Technologies surged to a new record high Thursday morning after the company reported fiscal Q3 results which were better-than-expected and raised its FY17 EPS guidance above views compiled by Capital IQ. For Q3 ended March 31, EPS was $0.75 per share compared to a loss of $1.14 per share a year earlier, and topped the $0.63 per share consensus.

Revenues rose 7.3% year-over-year to $679.3 million, beating forecasts for $637.3 million. Applied Industrial now expects FY17 EPS of $2.74 to $2.84 per share, up from a prior view for $2.50 to $2.60 per share, and higher than the $2.60 per share consensus. Q4 EPS is forecast at $0.68 to $0.78 per share, in line to above the $0.69 per share mean estimate, on revenue growth of 6% to 8% year-over-year.

By Caroline Williams