Applied Industrial Technologies (AIT) Tops Q1 EPS by 27c

Applied Industrial Technologies (NYSE: AIT) reported Q1 EPS of $0.89, $0.27 better than the analyst estimate of $0.62. Revenue for the quarter came in at $747.8 million versus the consensus estimate of $724.22 million.

Outlook:
Due to ongoing uncertainty from the COVID-19 pandemic, the Company continues to refrain from providing formal financial guidance for the full-year fiscal 2021. Near term, based on mid-teen organic sales declines month to date in October and assuming sales trend in line with normal seasonal patterns for the remainder of the quarter, the Company would project second quarter fiscal 2021 sales to decline 13% to 14% year over year on an organic basis. In addition, the Company’s recent ACS acquisition is expected to contribute approximately $6 million in sales during second quarter fiscal 2021.

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