Industrial products distributor Applied Industrial (NYSE:AIT) will be announcing earnings results tomorrow before market open. Here’s what to expect.
Applied Industrial met analysts’ revenue expectations last quarter, reporting revenues of $1.07 billion, flat year on year. It was a strong quarter for the company, with an impressive beat of analysts’ adjusted operating income estimates and a solid beat of analysts’ EBITDA estimates.
Is Applied Industrial a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Applied Industrial’s revenue to grow 2.2% year on year to $1.17 billion, in line with the 1.3% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $2.41 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Applied Industrial has missed Wall Street’s revenue estimates three times over the last two years.
Looking at Applied Industrial’s peers in the industrial machinery segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Worthington’s revenues decreased 3.9% year on year, beating analysts’ expectations by 6.7%, and Luxfer reported revenues up 8.5%, topping estimates by 11.9%. Worthington traded up 24% following the results.
Read our full analysis of Worthington’s results here and Luxfer’s results here.
Investors in the industrial machinery segment have had fairly steady hands going into earnings, with share prices down 1.6% on average over the last month. Applied Industrial is up 6.3% during the same time and is heading into earnings with an average analyst price target of $283.57 (compared to the current share price of $243.99).
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