Applied Industrial Tech Shares Hit 52-Week High After 4Q Results
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By Stephen Nakrosis
Shares of Applied Industrial Technologies Inc. touched a 52-week high on the New York Stock Exchange, following its release of fourth-quarter and full-year financial results.
At 11:08 a.m., the company’s stock had risen 13.32% to trade at $120.16 a share. Earlier in the day, the stock touched a 52-week high of $121.20 a share.
Before the bell Thursday, the company reported earnings per share of $2.02 on sales of $1.06 billion. In the year-ago period, the company reported EPS of $1.51 on sales of $895.9 million.
Applied Industrial said its full-year EPS rose 38.8% year-over-year to $6.58, and sales were up 17.8% from the prior year, to $3.8 billion. The company also said it is expecting fiscal year 2023 EPS in a range of $6.65 to $7.30 based on sales growth of 3% to 7%.
Also on Thursday, Applied Industrial said its board authorized a share-buyback program for up to 1.5 million shares of the company’s common stock.
Applied Industrial Technologies said it provides industrial motion, fluid power, flow control, automation technologies and related maintenance supplies.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
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