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Yearly profit jumps at Kennametal though quarterly profit dips
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Kennametal said today profit for its fiscal fourth quarter dipped 1 percent but profit for the year jumped 34 percent.
The Latrobe tool maker also said it will increase its quarterly dividend by 2 cents, or 14 percent.
Profit for the quarter ended June 30 totalled $86 million, or $1.06 per diluted share, versus earnings of $86.7 million, or $1.04 per share, in the year-ago quarter, when more shares were outstanding.
Revenue increased 7 percent to $739.2 million.
For the year, Kennametal reported profit of $307.2 million, or $3.77 per diluted share, versus year-ago profit of $229.7 million, or $2.76 per diluted share.
Revenue increased 14 percent to $2.74 billion.
The company forecast adjusted earnings for the current fiscal year of $4.10 to $4.40 per share versus adjusted earnings of $3.86 per share for the year just ended.
It expects sales to increase 7 to 10 percent.
The new quarterly dividend of 16 cents per share is payable Aug. 22 to shareholders of record Aug. 7.
The results were disclosed before the market opened. Kennametal shares were up sharply in early trading, priced at $36.52, up $2.96, shortly before 10 a.m. They are down 8 percent this year.
First Published July 26, 2012 10:06 am
