Kennametal today reported fiscal third-quarter profits that were down 6 percent from year-ago levels but topped analysts' expectations.
The Latrobe toolmaker said net income totaled $50.9 million, or 64 cents per share vs. earnings of $53.9 million, or 67 cents per share, in the year-ago quarter. Sales rose 15 percent to $755.2 million. The acquisition of Allegheny Technologies' tungsten materials business late last year accounted for the bulk of the increase in sales.
The results reflect pretax restructuring expenses of $2.7 million related to the tungsten segment. In a statement, chairman, president and CEO Carlos Cardoso said the actions will generate productivity improvements and cost savings.
Including the restructuring charges and other one-time items, adjusted earnings came to 74 cents per share vs. analyst forecasts of adjusted income of 72 cents per share and sales of $747 million.
The results were disclosed before Wall Street opened. Kennametal shares closed Wednesday at $46.73, up $1.08. They are down 10 percent this year.
Len Boselovic: 412-263-1941 or firstname.lastname@example.org