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    Kennametal Announces Fiscal 2025 Second Quarter Results

    2/5/25 6:30:00 AM ET
    $KMT
    Industrial Machinery/Components
    Industrials
    Get the next $KMT alert in real time by email
    • Strong YTD cash from operations of $101 million compared to $88 million in the prior year; free operating cash flow of $57 million compared to $36 million in the prior year
    • Earnings per diluted share (EPS) of $0.23 and adjusted EPS of $0.25
    • Returned approximately $31 million to shareholders; $15 million in share repurchases and $16 million in dividends
    • Lowers fiscal 2025 full year outlook due to weakening market conditions, primarily in EMEA

    PITTSBURGH, Feb. 5, 2025 /PRNewswire/ -- Kennametal Inc. (NYSE:KMT) (the "Company") today reported results for its fiscal 2025 second quarter ended December 31, 2024, with sales of $482 million compared to $495 million in the prior year quarter, and earnings per diluted share (EPS) of $0.23 compared to $0.29 in the prior year quarter. Adjusted EPS was $0.25 in the current quarter compared to $0.30 in the prior year quarter.

    "This quarter we once again generated strong cash flow from operations," said Sanjay Chowbey, President and CEO. "However, conditions in a number of our end markets, primarily in EMEA, continued to weaken resulting in sales at the lower end of our expectations."

    Chowbey continued: "In light of these challenging conditions, we have reduced our full year outlook and have taken the additional restructuring actions we announced in mid-January. By the end of this fiscal year, these actions, along with prior initiatives, will have us on pace to achieve approximately $65 million of the $100 million structural cost improvement program we introduced at our September 2023 Investor Day." 

    Fiscal 2025 Second Quarter Key Developments

    Sales of $482 million decreased 3 percent from $495 million in the prior year quarter, reflecting an organic sales decline of 6 percent, partially offset by a favorable business days effect of 3 percent.

    During the quarter, the Company achieved incremental year-over-year restructuring savings of approximately $6 million from the previously announced action to streamline its cost structure. This action has delivered an annualized run rate pre-tax savings of approximately $35 million and is considered substantially complete as of December 31, 2024. Restructuring and related charges of $1 million were recognized during the quarter in connection with the execution of this initiative compared to $1 million in the prior year quarter.

    On January 14, 2025, subsequent to quarter-end, the Company announced additional restructuring actions that are currently expected to deliver annualized run rate pre-tax savings of approximately $15 million by the end of fiscal 2025. The Company expects to incur pre-tax charges of approximately $25 million in connection with the execution of these actions; of which approximately $10 million is for cash-related facilities charges, approximately $10 million is for severance-related cash expenditures, and approximately $5 million is for non-cash facilities charges.

    Operating income was $32 million, or 6.6 percent margin, compared to $28 million, or 5.7 percent margin, in the prior year quarter. The increase in operating income was primarily due to lower raw material costs, pricing, incremental year-over-year restructuring savings of approximately $6 million, and within the Infrastructure segment, a net benefit of $2 million consisting of insurance recoveries related to the tornado that struck the Rogers, Arkansas facility late in fiscal 2024 and an advanced manufacturing production credit under the Inflation Reduction Act of approximately $2 million. These factors were partially offset by lower sales and production volumes and higher wages and general inflation. Adjusted operating income was $33 million, or 6.9 percent margin, in the current quarter, compared to $30 million, or 6.0 percent margin, in the prior year quarter.

    The reported effective tax rate (ETR) for the quarter was 29.4 percent (provision on income) compared to 9.0 percent (benefit on income) in the prior year quarter. The increase in the ETR year-over-year was primarily driven by a $7.8 million tax benefit due to a change in the Swiss tax rate in the prior year quarter and geographical mix, partially offset by a benefit for the advanced manufacturing production credit under the Inflation Reduction Act. The adjusted ETR was 26.9 percent (provision on income) in the current quarter, compared to 8.0 percent (benefit on income) in the prior year quarter.

    Year-to-date net cash flow from operating activities was $101 million compared to $88 million in the prior year period. The change in net cash flow from operating activities was driven primarily by working capital changes, partially offset by lower net income compared to the prior year period. Year-to-date free operating cash flow (FOCF) was $57 million compared to $36 million in the prior year period. The increase in FOCF was driven primarily by working capital changes and lower net capital expenditures, partially offset by lower net income compared to the prior year period.

    The Company paid $16 million in cash dividends to Kennametal shareholders during the quarter. The Company has a long history of consistently paying dividends to shareholders since its listing on the New York Stock Exchange in 1967.

    During the quarter, the Company repurchased 525 thousand shares of Kennametal common stock for $15 million under its share repurchase program. Inception-to-date the Company has repurchased 1.1 million shares of common stock for $30 million under the $200 million three-year program.

    Outlook

    The Company's expectations for the third quarter of fiscal 2025 and the full year are as follows:

    Quarterly Outlook:

    • Sales expected to be $480 - $500 million; foreign exchange anticipated to be an approximate 3 percent headwind compared to the third quarter of fiscal 2024
    • Adjusted ETR is expected to be approximately 27.5 percent
    • Adjusted EPS is expected to be $0.20 - $0.30

    Annual Outlook:

    • Sales now expected to be $1.950 - $2.0 billion
    • Adjusted EPS is now expected to be $1.05 - $1.30
    • At the midpoint, improved operating performance offset by higher ETR and currency headwinds
    • Pricing actions expected to cover raw material costs, wages and general inflation
    • Interest expense is expected to be approximately $27 million
    • Adjusted ETR is expected to be approximately 27.5 percent
    • Free operating cash flow of greater than 125 percent of adjusted net income
    • Primary working capital as a percent of sales at approximately 30 percent by fiscal year-end
    • Capital spending now expected to be approximately $100 million

    This Outlook reflects the additional restructuring actions that were announced on January 14, 2025. The Company will provide more details regarding its Outlook during its quarterly earnings conference call.

    Segment Results

    Metal Cutting sales of $298 million decreased 4 percent from $311 million in the prior year quarter, reflecting an organic sales decline of 7 percent, partially offset by a favorable business days effect of 3 percent. Operating income was $17 million, or 5.6 percent margin, compared to $26 million, or 8.2 percent margin, in the prior year quarter. The decrease in operating income was primarily due to lower sales and production volumes and higher wages and general inflation. These factors were partially offset by pricing, lower raw material costs and incremental year-over-year restructuring savings of approximately $4 million. Adjusted operating income was $18 million, or 6.0 percent margin, in the current quarter, compared to $26 million, or 8.4 percent margin, in the prior year quarter.

    Infrastructure sales of $184 million were flat from $184 million in the prior year quarter, driven by a favorable business days effect of 3 percent and a favorable currency exchange effect of 1 percent, offset by an organic sales decline of 4 percent. Operating income was $16 million, or 8.5 percent margin, compared to $3 million, or 1.8 percent margin, in the prior year quarter. The increase in operating income was primarily due to the favorable timing of pricing compared to raw material costs, a net benefit of $2 million from insurance recoveries related to the tornado that struck the Rogers, Arkansas facility late in fiscal 2024, an advanced manufacturing production credit under the Inflation Reduction Act of approximately $2 million and incremental year-over-year restructuring savings of approximately $2 million. These factors were partially offset by lower production volumes and higher wages and general inflation. Adjusted operating income was $16 million, or 8.6 percent margin, in the current quarter, compared to $4 million, or 1.9 percent margin, in the prior year quarter.

    Dividend Declared

    Kennametal announced that its Board of Directors declared a quarterly cash dividend of $0.20 per share. The dividend is payable on February 25, 2025 to shareholders of record as of the close of business on February 11, 2025.

    The Company will host a conference call to discuss its second quarter fiscal 2025 results on Wednesday, February 5, 2025 at 9:30 a.m. Eastern Time. The conference call will be broadcast via real-time audio on Kennametal's investor relations website at https://investors.kennametal.com/ - click "Event" (located in the blue Quarterly Earnings block).

    This earnings release contains non-GAAP financial measures. Reconciliations and descriptions of all non-GAAP financial measures are set forth in the tables that follow.

    Certain statements in this release may be forward-looking in nature, or "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements that do not relate strictly to historical or current facts. For example, statements about Kennametal's outlook for sales, interest expense, adjusted EPS, FOCF, primary working capital, capital expenditures and adjusted effective tax rate for the third quarter and full year of fiscal 2025 and our expectations regarding future growth and financial performance are forward-looking statements. Any forward-looking statements are based on current knowledge, expectations and estimates that involve inherent risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should the assumptions underlying the forward-looking statements prove incorrect, our actual results could vary materially from our current expectations. There are a number of factors that could cause our actual results to differ from those indicated in the forward-looking statements. They include: uncertainties related to changes in macroeconomic and/or global conditions, including as a result of increased inflation and Russia's invasion of Ukraine and the resulting sanctions on Russia; the conflict in the Middle East; other economic recession; our ability to achieve all anticipated benefits of restructuring, simplification and modernization initiatives; Commercial Excellence growth initiatives, Operational Excellence initiatives, our foreign operations and international markets, such as currency exchange rates, different regulatory environments, trade barriers, exchange controls, and social and political instability, including the conflicts in Ukraine and the Middle East; changes in the regulatory environment in which we operate, including environmental, health and safety regulations; potential for future goodwill and other intangible asset impairment charges; our ability to protect and defend our intellectual property; continuity of information technology infrastructure; competition; our ability to retain our management and employees; demands on management resources; availability and cost of the raw materials we use to manufacture our products; product liability claims; integrating acquisitions and achieving the expected savings and synergies; global or regional catastrophic events; demand for and market acceptance of our products; business divestitures; energy costs; commodity prices; labor relations; and implementation of environmental remediation matters. Many of these risks and other risks are more fully described in Kennametal's latest annual report on Form 10-K and its other periodic filings with the Securities and Exchange Commission. We can give no assurance that any goal or plan set forth in forward-looking statements can be achieved and readers are cautioned not to place undue reliance on such statements, which speak only as of the date made. We undertake no obligation to release publicly any revisions to forward-looking statements as a result of future events or developments.

    About Kennametal

    With over 85 years as an industrial technology leader, Kennametal Inc. delivers productivity to customers through materials science, tooling and wear-resistant solutions. Customers across aerospace and defense, earthworks, energy, general engineering and transportation turn to Kennametal to help them manufacture with precision and efficiency. Every day approximately 8,400 employees are helping customers in nearly 100 countries stay competitive. Kennametal generated $2 billion in revenues in fiscal 2024. Learn more at www.kennametal.com. Follow @Kennametal: Instagram, Facebook, LinkedIn and YouTube.

    FINANCIAL HIGHLIGHTS

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

     



    Three Months Ended

    December 31,

    Six Months Ended

    December 31,

    (in thousands, except per share amounts)

    2024



    2023

    2024



    2023

    Sales

    $   482,051



    $   495,320

    $   963,999



    $   987,796

    Cost of goods sold

    337,021



    355,723

    667,960



    685,301

         Gross profit

    145,030



    139,597

    296,039



    302,495

    Operating expense

    109,308



    107,342

    220,962



    218,991

    Restructuring and other charges, net

    1,335



    1,033

    1,946



    4,119

    Amortization of intangibles

    2,720



    2,743

    5,438



    5,788

         Operating income

    31,667



    28,479

    67,693



    73,597

    Interest expense

    6,180



    6,847

    12,493



    13,447

    Other income, net

    (1,477)



    (687)

    (3,136)



    (597)

    Income before income taxes

    26,964



    22,319

    58,336



    60,747

    Provision for (benefit from) income taxes

    7,927



    (2,009)

    15,833



    6,050

    Net income

    19,037



    24,328

    42,503



    54,697

    Less: Net income attributable to noncontrolling interests

    1,109



    1,220

    2,452



    1,532

    Net income attributable to Kennametal

    $     17,928



    $     23,108

    $     40,051



    $     53,165

    PER SHARE DATA ATTRIBUTABLE TO KENNAMETAL SHAREHOLDERS



    Basic earnings per share

    $        0.23



    $        0.29

    $        0.51



    $        0.67

    Diluted earnings per share

    $        0.23



    $        0.29

    $        0.51



    $        0.66

    Basic weighted average shares outstanding

    77,724



    79,700

    77,896



    79,863

    Diluted weighted average shares outstanding

    78,379



    80,114

    78,495



    80,395

     

    CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

     

    (in thousands)

    December 31, 2024



    June 30, 2024

     

     ASSETS







    Cash and cash equivalents

    $                   121,151



    $           127,971

    Accounts receivable, net

    254,141



    302,810

    Inventories

    536,634



    514,632

    Other current assets

    56,848



    57,179

    Total current assets

    968,774



    1,002,592

    Property, plant and equipment, net

    910,124



    938,063

    Goodwill and other intangible assets, net

    344,511



    352,988

    Other assets

    212,396



    210,115

    Total assets

    $                 2,435,805



    $        2,503,758

     

     LIABILITIES







    Revolving and other lines of credit and notes payable

    $                       1,370



    $               1,377

    Accounts payable

    198,512



    191,541

    Other current liabilities

    182,346



    223,043

    Total current liabilities

    382,228



    415,961

    Long-term debt

    596,384



    595,980

    Other liabilities

    197,092



    203,218

    Total liabilities

    1,175,704



    1,215,159

    KENNAMETAL SHAREHOLDERS' EQUITY

    1,219,980



    1,249,875

    NONCONTROLLING INTERESTS

    40,121



    38,724

    Total liabilities and equity

    $                 2,435,805



    $        2,503,758

     

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED)

     



    Six Months Ended

    December 31,

    (in thousands)

    2024



    2023

    OPERATING ACTIVITIES







    Net income

    $    42,503



    $    54,697

    Adjustments to reconcile to cash from operations:







    Depreciation

    62,130



    60,500

    Amortization

    5,438



    5,788

    Stock-based compensation expense

    13,375



    14,652

    Restructuring and other charges, net

    1,946



    4,119

    Deferred income taxes

    (1,903)



    (7,726)

    Gain on insurance recoveries

    (7,500)



    —

    Other

    2,666



    11,279

    Changes in certain assets and liabilities:







    Accounts receivable

    43,167



    20,447

    Inventories

    (30,695)



    (9,471)

    Accounts payable and accrued liabilities

    (27,214)



    (36,220)

    Accrued income taxes

    606



    (17,259)

    Accrued pension and postretirement benefits

    (2,445)



    (5,497)

    Other

    (1,174)



    (7,001)

    Net cash flow provided by operating activities

    100,900



    88,308

    INVESTING ACTIVITIES







    Purchases of property, plant and equipment

    (43,967)



    (57,487)

    Disposals of property, plant and equipment

    405



    5,208

    Business acquisitions

    —



    (4,010)

    Proceeds from insurance recoveries

    7,193



    —

    Other

    (222)



    (117)

    Net cash flow used in investing activities

    (36,591)



    (56,406)

    FINANCING ACTIVITIES







    Net increase in notes payable

    —



    2,112

    Net increase in revolving and other lines of credit

    —



    20,500

    Purchase of capital stock

    (30,062)



    (28,754)

    The effect of employee benefit and stock plans and dividend reinvestment

    (6,240)



    (7,864)

    Cash dividends paid to Shareholders

    (31,148)



    (31,844)

    Other

    (599)



    (658)

    Net cash flow used in financing activities

    (68,049)



    (46,508)

    Effect of exchange rate changes on cash and cash equivalents

    (3,080)



    (680)

    CASH AND CASH EQUIVALENTS







    Net decrease in cash and cash equivalents

    (6,820)



    (15,286)

    Cash and cash equivalents, beginning of period

    127,971



    106,021

    Cash and cash equivalents, end of period

    $  121,151



    $    90,735

     

    SEGMENT DATA (UNAUDITED)

    Three Months Ended

    December 31,

    Six Months Ended

    December 31,

    (in thousands)

    2024



    2023

    2024



    2023

    Sales:













    Metal Cutting

    $     297,785



    $     311,445

    $     594,686



    $     619,675

    Infrastructure

    184,266



    183,875

    369,313



    368,121

    Total sales

    $     482,051



    $     495,320

    $     963,999



    $     987,796

    Sales By Geographic Region:













    Americas

    $     235,252



    $     238,904

    $     472,978



    $     485,645

    EMEA

    145,494



    152,925

    291,428



    301,634

    Asia Pacific

    101,305



    103,491

    199,593



    200,517

    Total sales

    $     482,051



    $     495,320

    $     963,999



    $     987,796

    Operating income:













    Metal Cutting

    $       16,586



    $       25,527

    $       40,408



    $       57,644

    Infrastructure

    15,612



    3,236

    28,347



    16,880

    Corporate (1)

    (531)



    (284)

    (1,062)



    (927)

    Total operating income

    $       31,667



    $       28,479

    $       67,693



    $       73,597

    (1) Represents unallocated corporate expenses.

    NON-GAAP RECONCILIATIONS (UNAUDITED)

    In addition to reported results under generally accepted accounting principles in the United States of America (GAAP), the following financial highlight tables include, where appropriate, a reconciliation of adjusted results including: operating income and margin; ETR; net income attributable to Kennametal; diluted EPS; Metal Cutting operating income and margin; Infrastructure operating income and margin; FOCF; and consolidated and segment organic sales growth (all of which are non-GAAP financial measures), to the most directly comparable GAAP financial measures. Adjustments for the three months ended December 31, 2024 include restructuring and related charges and differences in projected annual tax rates. Adjustments for the three months ended December 31, 2023 include restructuring and related charges and differences in projected annual tax rates. For those adjustments that are presented 'net of tax', the tax effect of the adjustment can be derived by calculating the difference between the pre-tax and the post-tax adjustments presented. The tax effect on adjustments is calculated by preparing an overall tax calculation including the adjustments and then a tax calculation excluding the adjustments. The difference between these calculations results in the tax impact of the adjustments.

    Management believes that presentation of these non-GAAP financial measures provides useful information about the results of operations of the Company for the current and past periods. Management believes that investors should have available the same information that management uses to assess operating performance, determine compensation and assess the capital structure of the Company. These non-GAAP financial measures should not be considered in isolation or as a substitute for the most comparable GAAP financial measures. Investors are cautioned that non-GAAP financial measures used by management may not be comparable to non-GAAP financial measures used by other companies. Reconciliations and descriptions of all non-GAAP financial measures are set forth in the disclosures below.

    Reconciliations to the most directly comparable GAAP financial measures for the following forward-looking non-GAAP financial measures for the third quarter and full fiscal year of 2025 have not been provided, including but not limited to: FOCF, adjusted operating income, adjusted net income, adjusted EPS, adjusted ETR and primary working capital. The most comparable GAAP financial measures are net cash flow from operating activities, operating income, net income attributable to Kennametal, EPS, ETR and working capital (defined as current assets less current liabilities), respectively. Primary working capital is defined as accounts receivable, net plus inventories, net minus accounts payable. Because the non-GAAP financial measures on a forward-looking basis are subject to uncertainty and variability as they are dependent on many factors - including, but not limited to, the effect of foreign currency exchange fluctuations, impacts from potential acquisitions or divestitures, gains or losses on the potential sale of businesses or other assets, restructuring costs, asset impairment charges, gains or losses from early extinguishment of debt, the tax impact of the items above and the impact of tax law changes or other tax matters - reconciliations to the most directly comparable forward-looking GAAP financial measures are not available without unreasonable effort.

    THREE MONTHS ENDED DECEMBER 31, 2024 (UNAUDITED)



    (in thousands, except percents and per share data)

    Sales

    Operating

    income

    ETR

    Net income(2)

    Diluted EPS

    Reported results

    $      482,051

    $     31,667

    29.4 %

    $        17,928

    $           0.23

    Reported operating margin



    6.6 %







    Restructuring and related charges

    —

    1,419

    16.7

    1,181

    0.01

    Differences in projected annual tax rates

    —

    —

    (19.2)

    530

    0.01

    Adjusted results

    $      482,051

    $     33,086

    26.9 %

    $        19,639

    $           0.25

    Adjusted operating margin



    6.9 %







    (2) Attributable to Kennametal.

     

    THREE MONTHS ENDED DECEMBER 31, 2024 (UNAUDITED)



    Metal Cutting

    Infrastructure

    (in thousands, except percents)

    Sales

    Operating

    income

    Sales

    Operating

    income

    Reported results

    $   297,785

    $   16,586

    $    184,266

    $  15,612

    Reported operating margin



    5.6 %



    8.5 %

    Restructuring and related charges

    —

    1,202

    —

    217

    Adjusted results

    $   297,785

    $   17,788

    $    184,266

    $  15,829

    Adjusted operating margin



    6.0 %



    8.6 %

     

    THREE MONTHS ENDED DECEMBER 31, 2023 (UNAUDITED)



    (in thousands, except percents and per share data)

    Sales

    Operating

    income

    ETR

    Net

    income(2)

    Diluted EPS

    Reported results

    $      495,320

    $     28,479

    (9.0) %

    $        23,108

    $           0.29

    Reported operating margin



    5.7 %







    Restructuring and related charges

    —

    1,033

    14.3

    885

    0.01

    Differences in projected annual tax rates

    —

    —

    (13.3)

    6

    —

    Adjusted results

    $      495,320

    $     29,512

    (8.0) %

    $        23,999

    $           0.30

    Adjusted operating margin



    6.0 %







    (2) Attributable to Kennametal.

     

    THREE MONTHS ENDED DECEMBER 31, 2023 (UNAUDITED)



    Metal Cutting

    Infrastructure

    (in thousands, except percents)

    Sales

    Operating

    income

    Sales

    Operating

    income

    Reported results

    $   311,445

    $   25,527

    $    183,875

    $    3,236

    Reported operating margin



    8.2 %



    1.8 %

    Restructuring and related charges

    —

    692

    —

    340

    Adjusted results

    $   311,445

    $   26,219

    $    183,875

    $    3,576

    Adjusted operating margin



    8.4 %



    1.9 %

    Free Operating Cash Flow (FOCF)

    FOCF is a non-GAAP financial measure and is defined by the Company as net cash flow provided by operating activities (which is the most directly comparable GAAP financial measure) less capital expenditures plus proceeds from disposals of fixed assets. Management considers FOCF to be an important indicator of the Company's cash generating capability because it better represents cash generated from operations that can be used for dividends, debt repayment, strategic initiatives (such as acquisitions) and other investing and financing activities.

    FREE OPERATING CASH FLOW (UNAUDITED)



    Six Months Ended

    December 31,

    (in thousands)



    2024



    2023

    Net cash flow provided by operating activities



    $    100,900



    $      88,308

    Purchases of property, plant and equipment



    (43,967)



    (57,487)

    Disposals of property, plant and equipment



    405



    5,208

    Free operating cash flow



    $      57,338



    $      36,029

    Organic Sales Growth (Decline)

    Organic sales growth (decline) is a non-GAAP financial measure of sales growth (decline) (which is the most directly comparable GAAP measure) excluding the effects of acquisitions, divestitures, business days and foreign currency exchange from year-over-year comparisons. Management believes this measure provides investors with a supplemental understanding of underlying sales trends by providing sales growth on a consistent basis. Management reports organic sales growth (decline) at the consolidated and segment levels.

    ORGANIC SALES DECLINE (UNAUDITED)







    Three Months Ended December 31, 2024



    Metal Cutting



    Infrastructure



    Total

    Organic sales decline



    (7) %



    (4) %



    (6) %

    Foreign currency exchange effect (3)



    —



    1



    —

    Business days effect (4)



    3



    3



    3

    Sales decline



    (4) %



    — %



    (3) %

    (3) Foreign currency exchange effect is calculated by dividing the difference between current period sales and current period sales at prior period foreign exchange rates by prior period sales.

    (4) Business days effect is calculated by dividing the year-over-year change in weighted average working days (based on mix of sales by country) by prior period weighted average working days.

     

    Cision View original content:https://www.prnewswire.com/news-releases/kennametal-announces-fiscal-2025-second-quarter-results-302368054.html

    SOURCE Kennametal Inc.

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    Morgan Stanley
    7/8/2022$27.00 → $19.00Neutral → Sell
    UBS
    4/6/2022$41.00 → $29.00Buy → Hold
    Loop Capital
    3/28/2022$37.00 → $31.00Neutral → Underweight
    JP Morgan
    10/27/2021$45.00Underperform → Neutral
    BofA Securities
    10/4/2021$37.00 → $36.00Equal-Weight
    Barclays
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    $KMT
    Leadership Updates

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    • Kennametal Appoints Faisal Hamadi as President of Infrastructure Segment

      PITTSBURGH, Jan. 15, 2025 /PRNewswire/ -- Kennametal Inc. (NYSE:KMT) announced today that Faisal Hamadi, currently Vice President of Kennametal's Value Creation Systems, will succeed Franklin Cardenas as President of the Company's Infrastructure segment, effective January 20, 2025. "I want to thank Franklin for his years of service and many contributions to Kennametal," said Sanjay Chowbey, President and CEO. "We wish him success in his future endeavors and appreciate his ongoing partnership with Faisal to ensure a seamless transition." Hamadi joined Kennametal in July 2024 fr

      1/15/25 6:45:00 AM ET
      $KMT
      Industrial Machinery/Components
      Industrials
    • Kennametal Appoints Sanjay Chowbey as President & CEO effective June 1, 2024; Christopher Rossi to Retire on May 31

      PITTSBURGH, March 14, 2024 /PRNewswire/ -- Kennametal Inc. (NYSE:KMT) announced today that Sanjay Chowbey, currently Vice President, Kennametal Inc. and President, Metal Cutting Segment, will succeed Christopher Rossi as President & CEO. Rossi has decided to retire from the company after nearly seven years as CEO, effective May 31, 2024. Chowbey was unanimously appointed by the Board of Directors as Rossi's successor, effective June 1, 2024. "On behalf of the entire Board, I want to thank Chris for his many contributions to Kennametal and congratulate Sanjay on his well-deserv

      3/14/24 4:05:00 PM ET
      $KMT
      Industrial Machinery/Components
      Industrials
    • AGCO Announces Chief Financial Officer Succession

      Andy Beck to retire as Chief Financial Officer Damon Audia appointed Chief Financial Officer effective July 1, 2022 AGCO, Your Agriculture Company (NYSE:AGCO), a worldwide manufacturer and distributor of agricultural equipment, infrastructure and precision ag technology, announced today that its Board of Directors has appointed Damon Audia to succeed Andy Beck as Senior Vice President and Chief Financial Officer (CFO) effective July 1, 2022. Mr. Audia joins AGCO from Kennametal Inc. (NYSE:KMT), an industrial technology leader specializing in tooling and wear-resistant solutions, where he served as the CFO since August 2018. Andy Beck will retire from AGCO in early 2023. He will serve as S

      6/15/22 8:00:00 AM ET
      $AGCO
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    • SEC Form 10-Q filed by Kennametal Inc.

      10-Q - KENNAMETAL INC (0000055242) (Filer)

      5/7/25 3:19:05 PM ET
      $KMT
      Industrial Machinery/Components
      Industrials
    • Kennametal Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

      8-K - KENNAMETAL INC (0000055242) (Filer)

      5/7/25 6:44:58 AM ET
      $KMT
      Industrial Machinery/Components
      Industrials
    • Kennametal Inc. filed SEC Form 8-K: Leadership Update, Other Events, Financial Statements and Exhibits

      8-K - KENNAMETAL INC (0000055242) (Filer)

      5/1/25 10:26:11 AM ET
      $KMT
      Industrial Machinery/Components
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    • Kennametal Announces Fiscal 2025 Third Quarter Results

      Earnings per diluted share (EPS) of $0.41 and adjusted EPS of $0.47, compared to $0.24 and $0.30, respectively, in the prior year quarterReturned approximately $40 million to shareholders; $25 million in share repurchases and $15 million in dividendsCompany provides updated annual OutlookPITTSBURGH, May 7, 2025 /PRNewswire/ -- Kennametal Inc. (NYSE:KMT) (the "Company") today reported results for its fiscal 2025 third quarter ended March 31, 2025, with sales of $486 million compared to $516 million in the prior year quarter, and earnings per diluted share (EPS) of $0.41 compared to $0.24 in the prior year quarter. The current quarter pre-tax results include a benefit of approximately $10 mill

      5/7/25 6:30:00 AM ET
      $KMT
      Industrial Machinery/Components
      Industrials
    • Kennametal to Host Earnings Conference Call & Webcast on Third Quarter Fiscal 2025 Results

      PITTSBURGH, April 16, 2025 /PRNewswire/ -- Kennametal Inc. (NYSE:KMT) will host its third quarter fiscal year 2025 earnings call on Wednesday, May 7, 2025. The press release and presentation will be available on the Company's website before market on May 7.  Details of the conference call and webcast are as follows: When: Wednesday, May 7, 2025, at 9:30 am ET Hosts: Sanjay Chowbey, President and CEOPatrick Watson, Vice President and CFO Webcast: The conference call will be broadcast via real-time audio on Kennametal's investor relations website at https://investors.kennametal.com/ - click "Event" (located in the blue Quarterly Earnings block) About KennametalWith over 85 years as an industr

      4/16/25 6:30:00 AM ET
      $KMT
      Industrial Machinery/Components
      Industrials
    • Kennametal Announces Fiscal 2025 Second Quarter Results

      Strong YTD cash from operations of $101 million compared to $88 million in the prior year; free operating cash flow of $57 million compared to $36 million in the prior yearEarnings per diluted share (EPS) of $0.23 and adjusted EPS of $0.25Returned approximately $31 million to shareholders; $15 million in share repurchases and $16 million in dividendsLowers fiscal 2025 full year outlook due to weakening market conditions, primarily in EMEAPITTSBURGH, Feb. 5, 2025 /PRNewswire/ -- Kennametal Inc. (NYSE:KMT) (the "Company") today reported results for its fiscal 2025 second quarter ended December 31, 2024, with sales of $482 million compared to $495 million in the prior year quarter, and earnings

      2/5/25 6:30:00 AM ET
      $KMT
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    $KMT
    Analyst Ratings

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    • Kennametal downgraded by Jefferies with a new price target

      Jefferies downgraded Kennametal from Buy to Hold and set a new price target of $32.00 from $40.00 previously

      12/6/24 7:53:03 AM ET
      $KMT
      Industrial Machinery/Components
      Industrials
    • Kennametal downgraded by BofA Securities with a new price target

      BofA Securities downgraded Kennametal from Neutral to Underperform and set a new price target of $26.00

      10/18/24 7:31:55 AM ET
      $KMT
      Industrial Machinery/Components
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    • Morgan Stanley initiated coverage on Kennametal with a new price target

      Morgan Stanley initiated coverage of Kennametal with a rating of Equal-Weight and set a new price target of $24.00

      1/8/24 8:08:40 AM ET
      $KMT
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    $KMT
    Insider Purchases

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    • President and CEO Chowbey Sanjay bought $217,530 worth of shares (10,000 units at $21.75), increasing direct ownership by 15% to 77,595 units (SEC Form 4)

      4 - KENNAMETAL INC (0000055242) (Issuer)

      2/12/25 12:32:48 PM ET
      $KMT
      Industrial Machinery/Components
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    • President and CEO Chowbey Sanjay bought $121,403 worth of shares (5,000 units at $24.28), increasing direct ownership by 11% to 49,270 units (SEC Form 4)

      4 - KENNAMETAL INC (0000055242) (Issuer)

      6/11/24 2:38:24 PM ET
      $KMT
      Industrial Machinery/Components
      Industrials
    • Chowbey Sanjay bought $260,000 worth of shares (10,000 units at $26.00), increasing direct ownership by 29% to 44,270 units (SEC Form 4)

      4 - KENNAMETAL INC (0000055242) (Issuer)

      5/13/24 2:45:45 PM ET
      $KMT
      Industrial Machinery/Components
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    $KMT
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    • Kennametal to Attend KeyBanc Capital Markets Industrials & Basic Materials Conference

      PITTSBURGH, May 8, 2025 /PRNewswire/ -- Kennametal Inc. (NYSE:KMT) announced today that they will attend the KeyBanc Capital Markets Industrials & Basic Materials Conference in Boston, MA. Details of the conference are as follows:            When:    Wednesday, May 28, 2025            Attendees: Patrick Watson, Vice President and Chief Financial Officer Michael Pici, Vice President, Investor Relations John Witt, Vice President Finance and Corporate Controller About Kennametal With over 85 years as an industrial technology leader, Kennametal Inc. delivers productivity to customers through materials science, tooling and wear-resistant solutions. Customers across aerospace and defense, earthwo

      5/8/25 6:30:00 AM ET
      $KMT
      Industrial Machinery/Components
      Industrials
    • Kennametal Announces Fiscal 2025 Third Quarter Results

      Earnings per diluted share (EPS) of $0.41 and adjusted EPS of $0.47, compared to $0.24 and $0.30, respectively, in the prior year quarterReturned approximately $40 million to shareholders; $25 million in share repurchases and $15 million in dividendsCompany provides updated annual OutlookPITTSBURGH, May 7, 2025 /PRNewswire/ -- Kennametal Inc. (NYSE:KMT) (the "Company") today reported results for its fiscal 2025 third quarter ended March 31, 2025, with sales of $486 million compared to $516 million in the prior year quarter, and earnings per diluted share (EPS) of $0.41 compared to $0.24 in the prior year quarter. The current quarter pre-tax results include a benefit of approximately $10 mill

      5/7/25 6:30:00 AM ET
      $KMT
      Industrial Machinery/Components
      Industrials
    • Shelley Bausch Joins Kennametal Board of Directors

      PITTSBURGH,  May 1, 2025  /PRNewswire/ -- Kennametal Inc. (NYSE:KMT) announced the election of Shelley Bausch to its Board of Directors, effective May 1, 2025. Bausch will replace Cindy L. Davis, who has served on the Kennametal Board of Directors since November 2012 and will be retiring on September 1, 2025. Bausch is the recently retired President, Global Industrial Coatings at Axalta, a global leader in the coatings industry. She led Axalta's Industrial Coatings businesses, which include energy solutions, general industrial and powder coatings, among others. William M. Lamb

      5/1/25 6:45:00 AM ET
      $KMT
      Industrial Machinery/Components
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    $KMT
    Large Ownership Changes

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    • Amendment: SEC Form SC 13G/A filed by Kennametal Inc.

      SC 13G/A - KENNAMETAL INC (0000055242) (Subject)

      11/8/24 10:41:07 AM ET
      $KMT
      Industrial Machinery/Components
      Industrials
    • SEC Form SC 13G/A filed by Kennametal Inc. (Amendment)

      SC 13G/A - KENNAMETAL INC (0000055242) (Subject)

      2/14/24 9:35:04 AM ET
      $KMT
      Industrial Machinery/Components
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    • SEC Form SC 13G/A filed by Kennametal Inc. (Amendment)

      SC 13G/A - KENNAMETAL INC (0000055242) (Subject)

      2/13/24 5:08:10 PM ET
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      Industrial Machinery/Components
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    Insider Trading

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    • Amendment: SEC Form 3 filed by new insider Bausch Shelley J

      3/A - KENNAMETAL INC (0000055242) (Issuer)

      5/1/25 12:07:02 PM ET
      $KMT
      Industrial Machinery/Components
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    • Amendment: SEC Form 3 filed by new insider Bausch Shelley J

      3/A - KENNAMETAL INC (0000055242) (Issuer)

      5/1/25 11:53:55 AM ET
      $KMT
      Industrial Machinery/Components
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    • SEC Form 3 filed by new insider Bausch Shelley J

      3 - KENNAMETAL INC (0000055242) (Issuer)

      5/1/25 11:37:18 AM ET
      $KMT
      Industrial Machinery/Components
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