Kennametal Inc. (KMT: Quote) reported that its fourth-quarter net income attributable to the company was $86.05 million, compared to $86.66 million last year.
Reported earnings per share were $1.06, compared with the prior year's reported earnings per share of $1.04. The latest-quarter earnings per share included the acquisition-related dilution of $0.02 per share, while the prior year's earnings per share included $0.07 per share in restructuring and related charges.
Sales for the quarter were $739 million, compared with $694 million in the same quarter last year. The sales increase reflected a 10 percent acquisition contribution, 1 percent organic growth and 1 percent from more business days in the 2012 quarter, partially offset by a 5 percent unfavorable effect from currency exchange.
Analysts polled by Thomson Reuters expected the company to report earnings of $1.03 per share on revenues of $762.51 million for the quarter. Analysts' estimates typically exclude special items.
Kennametal announced that its Board of Directors authorized an amended multi-year repurchase program of up to 12 million shares of the company's outstanding common stock (previously 8 million shares). There are 8.5 million shares available under the amended authorization.
Kennametal also announced that its Board of Directors declared a quarterly cash dividend of $0.16 per share, which represents an increase of 14 percent, or $0.02 per share. The dividend is payable August 22, 2012 to shareowners of record as of the close of business on August 7, 2012.
Kennametal expects fiscal 2013 organic sales growth to range from 5 to 7 percent, and total sales to grow between 7 and 10 percent. This growth rate is expected to outpace global industrial production by more than double through company-specific growth initiatives.
The company expects earnings per share to range from $4.10 to $4.40 in fiscal 2013. The mid-point of this range represents a 10 percent increase from fiscal 2012 adjusted EPS of $3.86.
Analysts expect the company to report earnings of $4.21 per share on revenues of $3.05 billion for fiscal 2013.
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by RTT Staff Writer
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