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UPDATE 1-Applied Industrial Q3 beats Street; ups FY view
April 22, 2010 / 11:51 AM / 8 years ago

UPDATE 1-Applied Industrial Q3 beats Street; ups FY view

* Q3 EPS $0.39 vs est. $0.30

* Ups 2010 EPS view to $1.18-$1.33

April 22 (Reuters) - Industrial parts distributor Applied Industrial Technologies (AIT.N) posted better-than-expected quarterly results and raised its full-year outlook, citing signs of encouraging broad-scale activity in its end markets.

“As we talk with our customers and our suppliers, we are cautiously optimistic for moderate economic recovery through the remainder of our fiscal year,” said CEO David Pugh.

Applied Industrial sees 2010 earnings of $1.18 a share to $1.33 a share on sales of $1.85 billion to $1.90 billion.

It had previously forecast 95 cents a share to $1.25 a share on sales of $1.75 billion to $1.85 billion.

For the third quarter ended March 31, net income was $16.5 million, or 39 cents a share, up from $11.6 million, or 27 cents a share, a year ago.

Revenue rose about 8 percent to $486.1 million.

Analysts were expecting earnings of 30 cents a share on revenue of $462.1 million, according to Thomson Reuters I/B/E/S.

Shares of the company closed at $26.87 Wednesday on the New York Stock Exchange. (Reporting by A.Ananthalakshmi in Bangalore; Editing by Aradhana Aravindan) ((ananthalakshmi.as@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: ananthalakshmi.as.reuters.com@reuters.net))

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