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 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.