Applied Industrial Technologies, Inc. (NYSE:AIT) Q2 2018 Earnings Conference Call Transcript
Jan 25, 2018 • 10:00 am ET
Welcome to the Fiscal 2018 Second Quarter Earnings Call for Applied Industrial Technologies. My name is Christina, and I'll be your operator for today's call. (Operator Instructions). Please note that this conference is being recorded.
I will now turn the call over to Julie Kho. Julie, you may begin.
Thank you, Christina, and good morning, everyone. Our earnings release was issued this morning before the market opened. If you haven't received it, you can retrieve it from our website at applied.com. A replay of today's broadcast will be available for the next two weeks as noted in the press release.
Before we begin, I would like to remind everyone that we'll discuss Applied's business outlook during the conference call and make statements that are considered forward-looking. All forward-looking statements, including those made during the question-and-answer portion, speak only as of the date hereof and are based on current expectations that are subject to certain risks, including trends in various industry sectors and geographies, the success of our various business strategies and other risk factors provided in our press release and identified in Applied's most recent periodic report and other filings made with the SEC, which are available in the Investor Relations section of our website at applied.com.
Accordingly, actual results may differ materially from those expressed in the forward-looking statements. The company undertakes no obligation to update publicly or revise any forward-looking statements, whether due to new information or events or otherwise.
In compliance with SEC Regulation FD, this teleconference is being made available to the media and the general public as well as to analysts and investors. Because the teleconference and its webcast are open to all constituents and prior notification has been widely and unselectively disseminated, all content of the call will be considered fully disclosed.
Our speakers today include Neil Schrimsher, Applied's President and Chief Executive Officer; and Dave Wells, our Chief Financial Officer.
I will now turn the call over to Neil.
Thank you, Julie, and good morning, everyone. We appreciate you joining us. I'll begin with a brief recap of our results.
Our sales for the second quarter grew 9.7% to $667.2 million from $608.1 million in the same quarter a year ago. Net income for the quarter increased 28.5% to $31 million from $24.1 million. And earnings per share rose 29.5% to $0.79 per share compared to $0.61 per share in the prior year quarter.
Our second quarter results reflect broad-based execution across our business groups and a productive economic market environment. Overall, we're off to an exciting start to the calendar year and our fiscal year second half, celebrating 95 years of leadership in an industrial distribution and further strengthening our position with the definitive agreement to acquire specialty flow control provider, FCX Performance, Inc. Just yesterday, we were granted early termination of the Hart-Scott-Rodino waiting period with respect to the pending acquisition of FCX. We're pleased with this latest development and now expect to close the transaction on January 31, 2018.