Shares of Applied Industrial Technologies experienced a surge after the company provided optimistic guidance for fiscal 2024. With a current midday trading price of $153.01, the stock rose by 7.8%, contributing to a year-to-date increase of 21%.
The Cleveland-based industrial supplies provider has surpassed expectations with its fiscal fourth-quarter profit. It reported earnings of $92.2 million, or $2.35 per share, compared to $79.1 million, or $2.02 per share, in the same quarter last year. Market analysts polled by FactSet anticipated earnings of $2.18 per share.
Applied Industrial also delivered strong sales results, achieving a 9.1% increase to $1.16 billion, in line with analysts' forecasts.
Looking ahead to fiscal 2024, the company has established a positive outlook. It expects adjusted per-share earnings to range between $8.80 and $9.55 for the next year, exceeding analysts' average estimate of $8.65 compiled by FactSet.
Moreover, Applied Industrial has revised its intermediate financial targets to further reinforce its growth trajectory. It now aims to achieve sales exceeding $5.5 billion, with adjusted earnings margins surpassing 13% within the next five years. These upgraded objectives follow the company's previously announced targets of sales surpassing $5 billion and adjusted earnings margins exceeding 12%.
Applied Industrial Technologies continues to demonstrate a strong commitment to delivering favorable results and sustained expansion within its industry.
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