Applied Industrial Technologies (NYSE: AIT) reported Q3 EPS of $1.02, $0.01 better than the analyst estimate of $1.01. Revenue for the quarter came in at $830.8 million versus the consensus estimate of $858.98 million.

Outlook:
Due to the evolving and highly uncertain impact of the COVID-19 pandemic, the Company is withdrawing its fiscal 2020 financial guidance provided on January 23, 2020. The Company’s guidance metrics will be reevaluated in coming months as it fully assesses the impact from COVID-19, continues to take appropriate cost measures, and prepares its fiscal 2021 outlook. Cost measures implemented to-date include reduced discretionary spending, staff alignments, temporary furloughs and pay reductions, suspension of 401(k) company match, and other expense reduction actions.

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