RTTNews | Oct 28, 2020 08:14AM EDT

08:14 Wednesday, October 28, 2020 (RTTNews.com) - While reporting financial results for the first quarter of fiscal 2021 on Wednesday, Applied Industrial Technologies Inc. (AIT) provided sales growth guidance for the second quarter, based on mid-teen organic sales declines month to date in October and assuming sales trend in line with normal seasonal patterns for the remainder of the quarter.

Due to ongoing uncertainty from the COVID-19 pandemic, the Company continues to refrain from providing formal financial guidance for the full-year fiscal 2021.

For the second quarter, the company now projects sales to decline 13 to 14 percent from last year on an organic basis. In addition, the company's recent ACS acquisition is expected to contribute approximately $6 million in sales during second quarter. On average, analysts polled by Thomson Reuters expect the company to report sales of $728.7 million for the quarter.

Further, the Company also announced that its Board of Directors declared a quarterly cash dividend of $0.32 per common share, payable on November 30, 2020, to shareholders of record on November 16, 2020.

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