The U.S. GDP growth in the January-March quarter of this year was reportedly the highest in any first quarter since 2015. At full employment, the economy is currently displaying remarkable strength in both business and consumer confidence.
Robust economic momentum will likely bolster infrastructure spending in the United States.
Among the numerous potential gainers in the Industrial Productssector, adding Applied Industrial Technologies, Inc. AITto your portfolio will bear fruit.
Reasons for the Bullish Run
Revenue Prospects:Applied Industrial’s revenues improved 6.7% organically in third-quarter fiscal 2018 (ended March 2018). The company expects that sturdier industrial end-markets’ demand and favorable foreign currency translation will continue to drive its top-line performances in the quarters ahead. Notably, Applied Industrial currently anticipates to secure revenue growth within the range of 17.5-18.5% for fiscal 2018 (ending June 2018), higher than the prior projection of 6-7%.
Per our estimates, the company’s projected year over year revenue growth is 18.3% and 15.9% for fiscal 2018 and 2019, respectively.
Over the past year, this Zacks Rank #1 (Strong Buy) stock has rallied 17.7%, outperforming 8.1% growth recorded by the sector.