Applied Industrial Technologies (AIT) Reports Mixed Q2 Earnings; Lowers FY09 Outlook
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Applied Industrial Technologies (NYSE: AIT) reports Q2 EPS of $0.38, 4 cents better than the analyst estimate of $0.34. Revenue for the quarter was $502.41 million, versus the consensus of $524.68 million.
Lowers its FY09 sales guidance from $2.2-$2.3 billion to $1.95-$2.1 billion, versus the consensus of $2.14 billion. EPS for the year move from $1.90-$2.15 to $1.30-$1.70, versus the Street estimate of $1.52.
Applied Industrial Technologies, Inc. distributes various industrial products in North America.
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