Applied Industrial Technologies, Inc. reported consolidated earnings results for the third quarter and nine months ended March 31, 2013. For the quarter, the company reported operating income of $43,477,000, income before income taxes of $44,397,000, net income of $29,302,000 or $0.69 diluted per share on net sales of $621,654,000 against operating income of $42,019,000, income before income taxes of $43,852,000, net income of $29,418,000 or $0.69 diluted per share on net sales of $605,461,000 for the same period a year ago. For the nine months, the company reported operating income of $128,364,000, income before income taxes of $130,130,000, net income of $85,877,000 or $2.02 diluted per share on net sales of $1,821,690,000 against operating income of $118,621,000, income before income taxes of $117,687,000, net income of $76,735,000 or $1.79 diluted per share on net sales of $1,755,432,000 for the same period a year ago. Net cash provided by operating activities of $69,056,000 against $61,971,000 for the same period a year ago. Property purchases was $9,836,000 against $18,295,000 for the same period a year ago. Board of Directors declared a quarterly cash dividend of $0.23 per common share, payable on May 31, 2013, to shareholders of record on May 15, 2013. Looking ahead, the company remains on track to meet previously stated fiscal 2013 earnings guidance of $2.70 to $2.90 per share on sales growth expectations of 4% to 7%. The company expects its tax rate to remain around 34.0%.

Applied Industrial Technologies, Inc. (NYSE:AIT) is looking for acquisition opportunities. Neil A. Schrimsher, Chief Executive Officer of Applied, said, “We enter our fourth quarter debt free, with a strong balance sheet, and with a shared determination to serve our customers and profitably grow our business organically, via acquisition and through our technology investments.”

Applied Industrial Technologies, Inc., Q3 2013 Earnings Call, May 02, 2013