Maintaining FY18 Estimate; 4Q17 Beats by a Penny
- 4Q17 (June) EPS of 78 cents (vs an adjusted 66 cents a year earlier) was up 18% YoY and 1 cent above our forecast;
- For FY17 (June), EPS was a record $2.84 (vs $2.49), on sales up 3%;
- For FY18, our EPS estimate remains $3.15, up 11% from our FY17 projection, assuming continued strong organic growth, margin improvements, and stabilized energy markets;
- For FY19, we are introducing our EPS estimate at $3.53, up 12% from our FY18 estimate.
Applied Industrial Technologies is a distributor of bearings, power transmission products, fluid power components and systems, specialty flow control solutions, and other industrial supplies, operating in North America, Australia, New Zealand, and Singapore. In addition, the company provides engineering, design, and systems integration for industrial, fluid power, and flow control applications, as well as customized mechanical, fabricated rubber, fluid power, and flow control shop services. The company has two reportable segments: service center based distribution; and fluid power and flow control.
Great Lakes Review is located in Cleveland, Ohio, was founded in 1981 and became a division of Wellington Shields & Co. LLC in 2011. Great Lakes Review is a research boutique focused on the fundamentally-oriented investor seeking companies that dominate their respective specialty niche regardless of industry. The objective is to make money for the long-term by gradually accumulating a diversified portfolio from a universe of no more than 30 companies. Although short-term-oriented accounts will be alerted to trading opportunities, aggressive sell recommendations are triggered only by a deterioration in long-term fundamentals, not by short-term blips or investor fancy. Coverage of those names that lose their earnings momentum or earnings predictability may be dropped and replaced with more vital candidates.
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