CLEVELAND -- Manufacturing parts and services provider Applied Industrial Technologies Inc. said on Tuesday that its fiscal first-quarter net income rose almost 12 percent as revenue grew and some expenses fell.
The company, which distributes bearings, power transmission components and general maintenance items, said it earned $29.5 million, or 70 cents per share, for the quarter that ended Sept. 30. That was up from $26.4 million, or 61 cents per share, during the same period last year.
Revenue rose 5.3 percent to $610.5 million, from $579.6 million a year ago.
Analysts surveyed by FactSet had been expecting a profit of 71 cents per share on revenue of $631.5 million.
The quarter included a benefit of $459,000 for "other income," versus expenses in that category of $1.9 million in the year-ago period.
The company reiterated its prediction for 2013 earnings per share of $2.90 to $3.05, but cut its expected revenue growth to 6 percent to 10 percent. In August it said it expected revenue to grow 9 percent to 13 percent.
Based on fiscal 2012 revenue of $2.38 billion, the new forecast implies a range of $2.52 billion to $2.61 billion. On average, analysts forecast annual earnings per share of $2.93 on revenue of $2.61 billion.
CEO Neil A. Schrimsher said the company has "excellent opportunities for growth and increased profitability" through internal growth, or through acquisitions and technology investments.
Shares of Applied Industrial rose 14 cents to $39.32 in afternoon trading.