Kennametal Inc.'s (KMT: Quote) 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.
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by RTT Staff Writer
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