Kennametal shares fell 3 percent Thursday after the Latrobe tool maker reported sharply lower fiscal second quarter profits and slashed its earnings outlook for the remainder of the fiscal year, citing a slower than expected recovery.
The company reported earnings of $42.1 million, or 52 cents per share, vs. net income of $73.7 million, or 91 cents per share, in the year-ago quarter. Sales fell 1 percent to $633.1 million.
Analysts were forecasting profits of 62 cents per share and sales of $641 million.
Kennametal said it now expects to earn $2.60 to $2.80 per share for the fiscal year that ends June 30. It previously forecast earnings of $3.40 to $3.70 per share. Sales will fall 2 to 4 percent short of the previous fiscal year vs. Kennametal's previous expectations that earnings would increase 3 to 6 percent.
Kennametal shares closed at $41, down $1.35.
EQT Corp. reported a full-year 2012 net income of $183.4 million, or $1.49 per diluted share, the Downtown-based energy company announced Thursday. That's down from the $479.8 million and $2.19 reported one year ago, when EQT saw several lucrative asset sales help boost its balance sheet. Revenue for 2012 rose by about $20 million to $1.64 billion.
Fourth-quarter income was $48 million, down from $90.8 million a year ago. Revenue for the quarter ended Dec. 31 increased about $50 million to $489 million.
EQT recently announced it was seeking to sell its utility arm, Equitable Gas, to Peoples Natural Gas for $720 million. If approved by the Public Utility Commission, the deal is expected close within the year.
Federated Investors said profits increased in the fourth quarter and in all of 2012, citing reduced fee waivers for its money market funds and growth in its stock and bond fund businesses. The Downtown mutual fund operator reported fourth quarter net income of $49.6 million, or 44 cents per share, vs. earnings of $36.9 million, or 36 cents per share, in the year-ago quarter. Revenue increased 13 percent to $244.8 million.
Profits for all of 2012 rose 25 percent to $188.1 million, or $1.79 per share. Revenue increased 6 percent to $945.7 million. Assets under management topped $379.8 billion, up 3 percent from year-ago levels.
Apollo Bancorp's fourth-quarter profit rose 14 percent, to $353,000, or 71 cents per share, up from $310,000, or 62 cents, in the same three months of 2011. The increase was primarily due to a $63,000 securities gain. For all of 2012, profit fell 5 percent to $1.31 million from $1.38 million, while earnings per share slipped 1 percent to $2.63 from $2.66.
From staff reportsbusinessnews