Applied Industrial Technologies (NYSE:AIT), an industrial parts distributor today stated that the company’s 4th quarter profit increased by 2.1% on account of a on a double-digit sales increase.
The company earned $28.3 million, or 65 cents per share during the quarter ending on 30th June more in comparison from $27.7 million, or 64 cents per share, earned in the previous year.
The company’s revenue went up by 13% to $589.9 million from $523 million, which included $4.8 million expenditure relating to the development of a new software system.
The company reported an earning of $96.8 million, or $2.24 per share during the fiscal year 2011, more in comparison from $65.9 million, or $1.54 per share, in fiscal 2010.
The company’s projected profit for the fiscal year 2012 of $2.40 to $2.55 per share on $2.35 billion to $2.45 billion in sales.
According to Factset analysts on an average expected a profit of $2.46 per share on $2.44 billion in sales.
The company’s shares value went down by 5 cents to $26.12 in the morning trading
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