Kennametal Inc.'s (KMT) second-quarter net income attributable to the company slipped to $5.97 million or $0.07 per share from $15.66 million or $0.21 per share a year ago.
Absent restructuring and related charges, adjusted earnings for the current quarter was $11.17 million or $0.14 per share compared with $25.44 million or $0.35 per share in the prior year quarter. On average, 13 analysts polled by Thomson Reuters expected earnings per share of $0.06 for the quarter. Analysts' estimate typically excludes one-time items.
Sales for the three months ended December 31, 2009 declined to $442.86 million from $546.06 million in the previous year. Nine analysts estimated revenues of $448.35 million for the quarter.
For the third quarter of fiscal 2010, Kennametal expects organic sales to be 5% to 10% higher than for the same quarter of the previous fiscal year and expects sequential earnings per share improvement for the next 2 quarters.
Excluding restructuring and divestiture related charges, Kennametal is increasing its fiscal 2010 earnings per share view to the range of $0.65 - $0.75 from its prior range of $0.50 - $0.70, on sales that are expected to be 8% to 10% lower year-over-year on an organic basis. This higher earnings per share range represents a 17% increase in the midpoint. Eleven analysts estimate earnings per share of $0.66 for fiscal 2010.
In addition, the board declared a regular quarterly cash dividend of $0.12 per share, payable February 24, 2010 to shareowners of record as of the close of business on February 9, 2010.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.