Applied Industrial Technologies, Inc. (AIT) Declares $0.25 Quarterly Dividend; 2.1% Yield

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Go back to Applied Industrial Technologies, Inc. (AIT) Declares $0.25 Quarterly Dividend; 2.1% Yield

Applied Industrial Tech (AIT) Tops Q3 EPS by 1c; Acquired Reliance Industrial Products

May 1, 2014 6:38 AM EDT

Applied Industrial Tech (NYSE: AIT) reported Q3 EPS of $0.72, $0.01 better than the analyst estimate of $0.71. Revenue for the quarter came in at $618 million versus the consensus estimate of $627.13 million.

The company also announced it has acquired Reliance Industrial Products (Reliance) of Nisku, Alberta, Canada a leading supplier to the upstream oil and gas industry.

Commenting on the results, Applied's President & Chief Executive Officer Neil A. Schrimsher said, "We faced some market headwinds earlier in the quarter, and we made nice progress with our ERP business transformation. With our most recent... More