Kennametal Inc. Profit Falls 19% In Q3

(RTTNews) - Kennametal Inc. (KMT) announced earnings for third quarter that dropped from last year.

The company said its profit totaled $29.59 million, or $0.37 per share. This was down from $36.74 million, or $0.46 per share, in last year's third quarter.

Analysts had expected the company to earn $0.23 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter fell 22.1% to $497.84 million. This was down from $638.97 million last year.

Kennametal Inc. earnings at a glance:

-Earnings (Q3): $29.59 Mln. vs. $36.74 Mln. last year. -Earnings Decline (Y-o-Y): -19.5% -EPS (Q3): $0.37 vs. $0.46 last year. -EPS Decline (Y-o-Y): -19.6% -Analysts Estimate: $0.23 -Revenue (Q3): $497.84 Mln vs. $638.97 Mln last year. -Revenue Change (Y-o-Y): -22.1%

-Guidance: Full year EPS guidance: $1.05 - $1.15