logo
Share SHARE
FONT-SIZE Plus   Neg

Kennametal Posts Higher Q3 Profit; Revises 2012 View - Quick Facts

Kennametal Inc.'s (KMT) third-quarter net income attributable to the company grew to $75.50 million or $0.93 per share from $64.68 million or $0.77 per share last year. On average, 14 analysts polled by Thomson Reuters expected earnings per share of $0.93 for the quarter. Analysts' estimates typically exclude one-time items.

Sales were $696.4 million, compared with $615 million in the same quarter a year ago, as a result of organic growth of 8 percent and the impacts of acquisition of 4 percent and more business days of 3 percent, partially offset by unfavorable foreign currency impacts of 2 percent. Analysts estimated revenues of $686.32 million for the quarter.

Kennametal's Chairman, President and Chief Executive said, "The March quarter reflected ongoing global expansion which benefited many of our served end markets and geographies. Organic sales grew by 8 percent year over year, demonstrating the effectiveness of our strategies to continue to outperform industrial production and further gain market share."

Further, Kennametal updated its fiscal 2012 organic sales growth guidance to a range of 10 percent to 11 percent from its earlier range of 10 percent to 12 percent. Increased total sales growth guidance to a range of 16 percent to 17 percent from its previous estimate of 10 percent to 12 percent due to the acquisition of Deloro Stellite. The company also updated its fiscal 2012 earnings guidance to $3.80 to $3.90 per share from its earlier range of $3.70 to $3.90 per share.

Also, the company's board declared a regular quarterly cash dividend of $0.14 per share, payable May 23, 2012 to shareowners of record as of the close of business on May 8, 2012.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
United Parcel Service, Inc. has started to test the use of drones to make commercial deliveries of packages to remote or difficult-to-access locations. On Thursday, the package delivery giant and drone-maker CyPhy Works staged a mock delivery of urgently needed medicine from Beverly, Massachusetts to Children's Island, which is about three miles off the Atlantic coast. Luxury electric car maker Tesla Motors Inc. (TSLA), Thursday filed a lawsuit against state officials over its right to sell vehicles directly to consumers in Michigan. The lawsuit has been filed against Governor Rick Snyder, Secretary of State Ruth Johnson and Attorney General Bill Schuette as defendants. Tesla... e.l.f. Beauty (ELF), a maker of cosmetic products, priced its initial public offering above its target range and raised about $141 million. The Oakland-based company opened sharply up on Thursday's trading on the New York Stock Exchange. The company said it sold about 8.3 million shares at $17 in...
comments powered by Disqus
Follow RTT