Applied Industrial Technologies, Inc. Announces Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2011; Reaffirms Earnings Guidance for Fiscal Year 2012
January 25, 2012 at 07:30 am
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Applied Industrial Technologies, Inc. announced consolidated earnings results for second quarter and six months ended December 31, 2011. Net sales for the second quarter increased 7.7% to $570,397,000 from $529,517,000 in the comparable period a year ago. Net income for the quarter was $20,935,000 or $0.49 per diluted share compared to $21,193,000 or $0.49 per diluted share last year. Earnings for the quarter were reduced by $4.4 million (pre-tax), or $0.07 per share, due to one-time costs resulting from two items. Operating income for the second quarter of fiscal 2012 was $33,335,000 against $33,056,000 for the same period a year ago. Income before income taxes for the second quarter of fiscal 2012 was $32,547,000 against $33,019,000 for the same period a year ago. Total capital expenditures related to ERP included in property additions for the second quarter were $4.8 million.
For the six months ended December 31, 2011, sales were $1,149,971,000 compared to $1,057,018,000 in the same period last year. Net income was $47,317,000 or $1.11 per share compared to $41,948,000 or $0.97 per share, last year. Operating income for the six months of fiscal 2012 was $76,602,000 against $67,947,000 for the same period of prior year. Income before income taxes for the six months of fiscal 2012 was $73,835,000 against $67,129,000 for the same period of previous year. For the six months of fiscal 2012, net cash provided by operating activities was $30,216,000 against $19,966,000 for the same period of previous year. For the six months of fiscal 2012, property purchases were $14,022,000 against $13,804,000 for the same period of prior year.
The company also reported that it is maintaining its full fiscal 2012 guidance for earnings per share between $2.40 and $2.55, on expected sales of $2.35 billion to $2.45 billion. The company is forecasting additional capital expenditures of between $9 million and $11 million for the remainder of the fiscal year. The company tax rate for the remainder of fiscal 2012 to be in the 35% to 36% range.
Applied Industrial Technologies, Inc. is a value-added distributor and technical solutions provider of industrial motion, fluid power, flow control, automation technologies, and related maintenance supplies. The Companyâs segments include Service Center Based Distribution and Engineered Solutions. The Service Center Based Distribution segment operates through local service centers and distribution centers with a focus on providing products and services addressing the maintenance and repair of motion control infrastructure and production equipment. Its products include industrial bearings, motors, belting, drives, couplings, pumps, linear motion products, hydraulic and pneumatic components, filtration supplies, and hoses. The Engineered Solutions segment includes its operations that specialize in distributing, engineering, designing, integrating, and repairing hydraulic and pneumatic fluid power technologies, and engineered flow control products and services.
Applied Industrial Technologies, Inc. Announces Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2011; Reaffirms Earnings Guidance for Fiscal Year 2012