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Last $34.28 USD
Change Today -1.04 / -2.94%
Volume 576.4K
KMT On Other Exchanges
Symbol
Exchange
New York
As of 6:40 PM 06/29/15 All times are local (Market data is delayed by at least 15 minutes).

kennametal inc (KMT) Key Developments

Kennametal Inc. to Reduce its Manufacturing Footprint by 20% to 25%

Through a series of closures and divestments, Kennametal Inc. will reduce its manufacturing footprint by 20% to 25% in the next several years. Speaking on a conference call with industry analysts, the company said that it has identified the potential to divest $150 million to $400 million in annual sales.

Kennametal Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended March 31, 2015; Reaffirms Earnings Guidance for Fiscal 2015

Kennametal Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended March 31, 2015. The company reported results for the fiscal third quarter 2015, with loss per diluted share (LPS) of $0.58, compared with the prior year quarter earnings per diluted share (EPS) of $0.64. Adjusted EPS were $0.46 in the current quarter compared with $0.75 in the prior year quarter. The company generated $220 million in cash flow from operating activities for the nine months ended March 31, 2015, compared with $153 million in the prior year period. The increase is due to improved working capital management. Net capital expenditures were $76 million and $85 million for the same periods. The company realized free operating cash flow of $143 million compared with $68 million for the same period last year. Sales were $639 million, compared with $755 million in the same quarter last year. Sales decreased by 15%, reflecting a 9% organic decline and a 6% unfavorable currency exchange impact. Operating loss was $120 million, compared with operating income of $77 million in the same quarter last year. Adjusted operating income was $56 million, compared with the prior year quarter of $90 million. The decrease in adjusted operating results in the current period was primarily driven by organic sales decline, unfavorable mix in Infrastructure and unfavorable currency exchange, offset partially by restructuring benefits. Loss from continuing operations before income taxes was $127.774 million against income from continuing operations before income taxes of $68.508 million a year ago. Net loss attributable to company was $46.229 million against net income of $50.865 million a year ago. Adjusted net income was $36.738 million against $60.084 million a year ago. Sales were $2,010 million, compared with $2,065 million in the same period last year. Sales decreased by 3%, driven by 4% organic decline and 3% unfavorable currency exchange, partially offset by 4% net from acquisition and divestiture activity. Operating loss was $393 million, compared with operating income of $185 million in the same period last year. Adjusted operating income was $186 million in the current period, compared with adjusted operating income of $211 million in the prior year. Adjusted operating income decreased primarily due to organic sales decline and unfavorable mix, offset partially by restructuring benefits and a non-recurring inventory charge of approximately $6 million in the prior period. LPS was $4.98 in the current year period, compared with EPS of $1.42 the prior year period. Adjusted EPS were $1.55 in the current year period and $1.74 in the prior year period. Loss from continuing operations before income taxes was $417.104 million against income from continuing operations before income taxes of $160.469 million a year ago. Net loss attributable to company was $395.043 million against net income of $112.911 million a year ago. Adjusted net income was $123.139 million against $138.815 million a year ago. The company refined its outlook to reflect end market conditions and cost reduction assumptions for the remainder of fiscal 2015. The company expects fiscal 2015 total sales to decline in the range of 7% to 8% and organic sales to decline in the range of 5% to 6%. Previously, total sales decline was projected to be in the range of 6% to 7%, with organic sales decline of 4% to 5%. With one quarter remaining in fiscal 2015, the company is tightening its EPS guidance to range from $1.95 to $2.05, compared with previous expectations of $1.90 to $2.10. The company expects to generate cash flow from operations between $295 million and $320 million for fiscal 2015, compared with its previous outlook of $270 million to $295 million. Based on anticipated capital expenditures of approximately $115 million to $120 million, the company expects to generate between $180 million and $200 million of free operating cash flow for the fiscal year.

Kennametal Inc. Declares Quarterly Cash Dividend, Payable on May 27, 2015

Kennametal Inc. announced that its board of directors declared a quarterly cash dividend of $0.18 per share. The dividend will be payable on May 27, 2015 to shareholders of record as of the close of business on May 12, 2015.

Kennametal Inc., Q3 2015 Earnings Call, May 05, 2015

Kennametal Inc., Q3 2015 Earnings Call, May 05, 2015

Frank Simpkins to Retire as Vice President and Chief Financial Officer Kennametal, with Effect from March 31, 2015

Kennametal Inc. announced that Vice President and Chief Financial Officer Frank Simpkins will retire from the company effective March 31, 2015. While conducting an external search for Simpkins' successor, the company named Vice President and Corporate Controller Martha Fusco to serve as interim CFO starting Feb. 23, 2015.

 

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