Research Desk Line-up: Wesco Aircraft Post Earnings Coverage

LONDON, UK / ACCESSWIRE / August 29, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Applied Industrial Technologies, Inc. (NYSE: AIT), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=AIT, following the Company's announcement of its fourth quarter and fiscal 2017 results on August 11, 2017. The industrial products Company outperformed earnings expectations and also provided outlook for fiscal 2018. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

http://protraderdaily.com/register/

Get more of our free earnings reports coverage from other constituents of the Industrial Equipment Wholesale industry. Pro-TD has currently selected Wesco Aircraft Holdings, Inc. (NYSE: WAIR) for due-diligence and potential coverage as the Company announced on August 08, 2017, its financial results for Q3 FY17 which ended on June 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Wesco Aircraft when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on AIT; also brushing on WAIR. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=AIT

http://protraderdaily.com/optin/?symbol=WAIR

Earnings Reviewed

Applied Industrial Technologies' net sales were $681.5 million for the quarter, reflecting an increase of 7.5% compared to net sales of $634.0 million in Q4 FY16. The sales increase for the quarter reflects a 0.8% increase from acquisition-related volume and an unfavorable foreign currency translation of 0.4%. For the 12 months ended June 30, 2017, Applied Industrial Technologies' net sales were $2.59 billion, up 2.9% compared to net sales of $2.52 billion in FY16.

For Q4 FY17, Applied Industrial Technologies' net income was $53.0 million, or $1.34 per share, compared with $26.1 million, or $0.66 per share, in Q4 FY16. The Company's results for the current period included a favorable one-time tax benefit of $22.2 million, or $0.56 per share, related to the write-off of the Company's investment in one of its Canadian subsidiaries. Applied Industrial Technologies adjusted earnings totaled $0.78 per share and exceeded Wall Street's estimates of $0.77 per share. For FY17, Applied Industrial Technologies' net income was $133.9 million, or $3.40 per share, compared to $29.6 million, or $0.75 per share, in FY16.

Segment Results

Applied Industrial Technologies' sales per day rate were $10.73 million during Q4 FY17, 8.3% ahead of the prior year's corresponding quarter. The Company had 63.5 selling days in the reported quarter compared to 64 days in the year ago same period.

Applied Industrial Technologies' product mix was 29.7% of fluid power products and 70.3% of industrial products during Q4 FY17. The Company's sales in its Service Center Based Distribution segment increased $29.2 million, or 5.6%, in the reported quarter. Excluding acquisitions and currency translation, organic operations in the Service Center Based Distribution segment experienced a 5.7% increase in sales.

Applied Industrial Technologies' fluid power businesses segment experienced a sales increase of $18.2 million in Q4 FY17, or 16.2% on a y-o-y basis. Acquisitions added 3.2% and foreign currency translation decreased sales by 0.4%.

From a geographical perspective, sales for US operations were up 8.5% on a y-o-y basis in Q4 FY17, including a positive impact from acquisitions of 0.7%. The Company's overall Canadian operations experienced a sales growth 1.3%, with a positive impact from acquisitions of $1.7 million, or 2.7%, and the negative foreign currency translation impact of 4.3% seen during the reported quarter.

Consolidated sales from the Company's other country operations, which include Mexico, Australia, New Zealand, and Singapore, increased 3.5% on a y-o-y basis. This consisted of a sales increase in local currency of 3% and a positive foreign currency translation impact of 0.5% in the reported quarter.

Cash Matters

Applied Industrial Technologies' shareholders' equity was $745.3 million and debt-to-total capitalization ratio totaled 28% at the end of Q4 FY17. The Company's inventory at June 2017 was up $0.5 million compared to March levels. This reflected operational inventory reductions of $2.3 million, offset by $2.8 million of inventory increases due to foreign currency translation. Cash generated from operating activities was $86.1 million for Q4 FY17 compared to $70.7 million for the prior year's same quarter.

In the fiscal year, Applied Industrial Technologies generated $164.6 million in cash from operations, the second highest level in its history, while returning $52.9 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 reported quarter. For the full fiscal year, the Company purchased 162,500 shares for $8.2 million. At June 30, 2017, Applied Industrial Technologies had remaining authorization to purchase 1,450,000 additional shares.

Outlook

Applied Industrial Technologies provided its initial outlook for fiscal year 2018. For the full year, the Company is forecasting sales increase in the range of 3.0% to 5.0% and expects earnings per share in the range of $3.00 to $3.20 per share.

Stock Performance

At the closing bell, on Monday, August 28, 2017, Applied Industrial Technologies' stock fell slightly by 0.36%, ending the trading session at $55.80. A total volume of 182.16 thousand shares have exchanged hands. The Company's stock price surged 17.90% in the previous twelve months. The stock is trading at a PE ratio of 16.42 and has a dividend yield of 2.08%. The stock currently has a market cap of $2.15 billion.

Pro-Trader Daily:

Pro-Trader Daily (Pro-TD) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. PRO-TD has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles, and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

PRO-TD has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email contact@protraderdaily.com. Rohit Tuli, a CFA® charter holder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: contact@protraderdaily.com

Phone number: (917) 341.4653

Office Address: Mainzer Landstrasse 50 Frankfurt am Main, Germany 60325

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Pro-Trader Daily