World News: 11:30 GMT Friday 10th August 2018. [Applied Industrial Technologies, Inc. via Globe Newswire via SPi World News]
CLEVELAND, Aug. 10, 2018 (GLOBE NEWSWIRE) -- Applied Industrial Technologies (NYSE: AIT) today reported results for its fourth quarter and fiscal 2018 year ended June 30, 2018.
Net sales for the quarter were $897.7 million, an increase of 31.7% compared with $681.5 million in the same quarter a year ago. The overall sales increase for the quarter reflects a 22.1% increase from acquisition-related volume. Organic growth was 9.3% in the quarter, which includes a 1.1% benefit from a higher number of selling days in the quarter. Net income for the quarter was $40.4 million, or $1.03 per share, compared with $52.9 million, or $1.34 per share, in the fourth quarter of fiscal 2017. Excluding the favorable non-routine tax benefit of $22.2 million, or $0.56 per share recognized in the prior year, fourth quarter fiscal 2018 EPS increased 32.1% compared to prior year. EBITDA for the quarter of $87.0 million increased 48.9% versus the prior year quarter.
For the 12 months ended June 30, 2018, net sales were $3.07 billion, an increase of 18.5% compared with $2.59 billion last year. Net income was $141.6 million, or $3.61 per share, compared with $133.9 million, or $3.40 per share in the prior year, which includes the non-routine tax benefit mentioned previously. Excluding the $0.13 per share impact of one-time FCX acquisition transaction costs, fiscal 2018 adjusted EPS of $3.74 per share increased 31.7% as compared to adjusted EPS of $2.84 in the prior year.
Commenting on the Company’s performance, Applied’s President & Chief Executive Officer Neil A. Schrimsher said, “Fiscal 2018 proved to be an exciting and successful year, including record fiscal-year financial performance and continued progress in enhancing our differentiation as a value-added industrial distributor. We are extremely pleased with the engagement of the FCX Performance team members and our progress to date, and we are even more excited about the growth opportunities in the new fiscal year. As we celebrate 95 years of business, Applied is well-positioned as the technical MRO distributor leader, and we are committed to leveraging our expanding capabilities to generate further benefits for all of our stakeholders.”
Today the Company also provided its initial outlook for fiscal year 2019. For the full year, the Company is forecasting a sales increase in the range of 16% to 18% and expects earnings per share in the range of $4.48 to $4.68 per share.
Mr. Schrimsher concluded, “Across the organization, we have opportunities to drive continuous improvements and further grow our business with current customers and new end users. ... we are committed to executing our long-range strategy to generate increased shareholder value.”
During fiscal 2018, the Company returned more than $68 million to shareholders via dividends and share repurchases. The Company did not purchase any shares of its common stock in open market transactions during the fourth quarter. For the full fiscal year, the Company purchased 393,300 shares for $22.8 million. At June 30, 2018, the Company had remaining authorization to purchase 1,056,700 additional shares.
Applied will host its quarterly conference call for investors and analysts at 10 a.m. ET on August 10, 2018. Neil A. Schrimsher – President & CEO, and David K. Wells – CFO will discuss the Company's performance. To join the call, dial 877-311-4351 (toll free) or 614-999-9139 (for International callers) using conference ID 4693088. A live audio webcast can be accessed online through the investor relations portion of the Company's website at . A replay of the call will be available for two weeks by dialing 855-859-2056 or 800-585-8367 (both toll free), or 404-537-3406 (International) using conference ID 4693088.
Founded in 1923, Applied Industrial Technologies is a leading distributor of bearings, power transmission products, engineered fluid power components and systems, specialty flow control solutions, and other industrial supplies, serving MRO and OEM customers in virtually every industry. In addition, Applied provides engineering, design and systems integration for industrial and fluid power applications, as well as customized mechanical, fabricated rubber, fluid power, and flow control shop services. Applied also offers storeroom services and inventory management solutions that provide added value to its customers. For more information, visit .
This press release contains statements that are forward-looking, as that term is defined by the Securities and Exchange Commission in its rules, regulations and releases. Applied intends that such forward-looking statements be subject to the safe harbors created thereby. Forward-looking statements are often identified by qualifiers such as “outlook,” “forecast,” “expect,” “will” and derivative or similar expressions. All forward-looking statements are based on current expectations regarding important risk factors including trends in the industrial sector of the economy, and other risk factors identified in Applied's most recent periodic report and other filings made with the Securities and Exchange Commission. Accordingly, actual results may differ materially from those expressed in the forward-looking statements, and the making of such statements should not be regarded as a representation by Applied or any other person that the results expressed therein will be achieved. Applied assumes no obligation to update publicly or revise any forward-looking statements, whether due to new information, or events, or otherwise.
Globe Newswire: 11:30 GMT Friday 10th August 2018
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