$AIT (Applied Industrial Technologies, Inc.)

$AIT {{ '2016-08-12T11:47:56+0000' | timeago}} • Announcement

In FY16, $AIT returned $80MM plus to shareholders via dividends and share repurchases. In 4Q16, company did not purchase any shares. For full year, $AIT repurchased 951,100 shares for $37.5MM, and at June 30, 2016 had remaining authorization to buy 296,200 additional shares.

$AIT {{ '2017-08-11T11:00:52+0000' | timeago}} • Announcement

For fiscal 2018, $AIT estimates its net sales to increase in the range of 3% to 5%. The company expects earnings per share to be in the range of $3 per share to $3.20 per share in the fiscal year.

$AIT {{ '2017-08-11T10:57:14+0000' | timeago}} • Announcement

Earnings of $AIT, a provider of industrial equipment, more-than-doubled to $53MM in 4Q17, helped by a 7.5% rise in net sales and one-time tax benefit.  Earnings climbed to $1.34 per share from $0.66 per share in 4Q16. The sales growth was supported by acquisition-related gains. Excluding special items, organic sales grew 7.9% during the quarter.

$AIT {{ '2017-08-10T14:59:43+0000' | timeago}} • Announcement

$AIT elected Robert Pagano Jr., President and CEO of $WTS, and Joe Raver, President and CEO of $HI, to its BoD.

$AIT {{ '2017-06-22T13:15:15+0000' | timeago}} • Announcement

$AIT's BoD has declared a quarterly cash dividend of $0.29 per common share. The dividend is payable on Aug. 31, 2017, to shareholders of record on Aug. 15, 2017.

$AIT {{ '2017-05-15T11:50:54+0000' | timeago}} • Announcement

$AIT said Mark Eisele, VP, CFO & Treasurer, will retire at the end of August 2017 after 26 years of service to the company. Succeeding Eisele is David Wells, who is joining $AIT as VP, Finance. Wells will be elected VP, CFO & Treasurer following the filing of its FY17 annual report on Form 10-K at the end of August.

$AIT {{ '2017-03-06T17:22:00+0000' | timeago}} • Announcement

$AIT bought Sentinel Fluid Controls, a distributor of hydraulic and lubrication components, systems and solutions, for undisclosed terms.

$AIT {{ '2016-08-12T15:27:52+0000' | timeago}} • Webcast

Longbow Research analyst Chris Dankert questions about cannibalization of parts, especially in oil field. $AIT says that on the amount of tilted rigs, cannibalization still exists, but to a lesser extent. $AIT sees rig counts moving up from April to Aug., so as they come back, some are refurbished with existing parts and some need demand coming up.

$AIT {{ '2016-08-12T15:16:20+0000' | timeago}} • Webcast

KeyBanc analyst Ryan Cieslak follows up asking about initiatives in place to give consistent GM improvement going forward. $AIT says that it's using pricing analytics; reducing variation around product groups and specific customer groups that will yield the improvement; and giving benefit in product mix around the maintenance supplies & solutions.

$AIT {{ '2016-08-12T15:10:07+0000' | timeago}} • Webcast

KeyBanc analyst Ryan Cieslak questions about the YoverY cadence for core sales in the first part of FY17. $AIT says that across FY17, it expects softer trends in 1Q17, some improvement in 2Q17, which has one less day, and then continued modest improvements through 2H17.

$AIT {{ '2016-08-12T15:02:26+0000' | timeago}} • Webcast

Stephens analyst William Meason questions about monthly trends through 4Q16 and the sales cadence in the last few months. $AIT says that its sales per day trends included declines in April and May, with improvement in June. July was somewhat as expected with seasonality softer than June. There was sequential improvements through early days of Aug.

$AIT {{ '2016-08-12T14:52:58+0000' | timeago}} • Webcast

For FY17, $AIT expects gross profit percentage to continue above 28% and to improve by 20-40 BP throughout the year. Prudent cost controls over SD&A will continue and $AIT expects SD&A to remain relatively flat YoverY. Cash provided from operating activities is expected to be in the same range as FY16, with CapEx is expected to be between $15-18MM.

$AIT {{ '2016-08-12T14:47:54+0000' | timeago}} • Webcast

$AIT said that it has captured approx. two-thirds of its annual estimated ongoing savings of $7.8MM from restructuring activities in FY16. The remaining benefits will flow through the income statement in July. 4Q16 effective income tax rate of 35.6% was a bit higher than projections due to lower foreign earnings negatively impacting the rate.

$AIT {{ '2016-08-12T14:42:38+0000' | timeago}} • Webcast

During 4Q16, $AIT's Service Center Based Distribution segment sales fell $31.6MM or 5.7% vs. 4Q15. Acquisitions added $9.5MM or 1.7% and negative foreign currency impact reduced sales by 1.2% for this segment. Core same-store operations fell 6.2% with the majority of this decrease relating to operations that sell to the upstream oil & gas industry.

$AIT {{ '2016-08-12T14:37:45+0000' | timeago}} • Webcast

$AIT said that its 4Q16 sales per day rate was $9.91MM, down 7.2% vs. 4Q15 and down 0.7% vs. 3Q16. The company said that acquisitions positively impacted sales by 2.4% and foreign currency impacts lowered sales by 1.2%. Excluding the effects of these items, core same-store operations saw a 7.6% decrease in sales vs. 4Q15.

$AIT {{ '2016-08-12T14:28:41+0000' | timeago}} • Webcast

Maker of fluid power components $AIT said that FY16 net sales were $2.52Bil vs. $2.75Bil in FY15. Net income was $29.6MM or $0.75 per share vs. $115.5MM or $2.80 per share in FY15. The company generated $160MM in cash from operations, while returning over $80MM to shareholders via dividends and share repurchases.

$AIT {{ '2016-08-12T11:47:56+0000' | timeago}} • Announcement

In FY16, $AIT returned $80MM plus to shareholders via dividends and share repurchases. In 4Q16, company did not purchase any shares. For full year, $AIT repurchased 951,100 shares for $37.5MM, and at June 30, 2016 had remaining authorization to buy 296,200 additional shares.

$AIT {{ '2016-08-12T11:47:14+0000' | timeago}} • Announcement

For FY17, $AIT is forecasting a sales change in the range of negative 3% to up 1%, and expects earnings per share in the range of $2.40-2.60 per share.

$AIT {{ '2016-08-12T11:46:47+0000' | timeago}} • Announcement

Industrial parts maker $AIT reported 4Q16 net income of $26.1MM or $0.66 per diluted share, down 6.4% versus $28.1MM or $0.70 per diluted share in 4Q15, hurt by lower net sales. Net sales fell 6.4% to $634MM in the quarter, reflecting a 7.6% dip in underlying operations and a negative 1.2% foreign currency translation impact.

$AIT {{ '2016-06-15T14:10:53+0000' | timeago}} • Announcement

$AIT said it has acquired Seals Unlimited, a distributor of sealing, fastener and hose products, located in Burlington, Ontario, for undisclosed terms. Founded in 1971, Seals and its team of 15 associates operate from a single location in Burlington. Seals will operate as a subsidiary of Applied Canada under its existing name.

$AIT {{ '2016-04-06T13:42:56+0000' | timeago}} • Webcast

$MSM, which competes with $GWW and $AIT, said that 2Q16 DSO was 48 days flat from 2Q15. The company's rolling 12 months inventory turns were 3.13. $MSM's free cash flow was $50MM vs. a negative $22MM in 2Q15, while CapEx was $11MM vs. $12MM in 2Q15 and $27MM YTD. The company expects FY16 CapEx to be within $50-60MM.

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