Kennametal Inc. Q1 Earnings Fall 23%

(RTTNews) - Kennametal Inc. (KMT) released a profit for first quarter that lost ground from last year.

The company said its earnings totaled $8.95 million, or $0.11 per share. This was down from $11.55 million, or $0.14 per share, in last year's first quarter.

Analysts had expected the company to earn $0.14 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter fell 14.1% to $477.14 million. This was down from $555.35 million last year.

Kennametal Inc. earnings at a glance:

-Earnings (Q1): $8.95 Mln. vs. $11.55 Mln. last year. -Earnings Decline (Y-o-Y): -22.5% -EPS (Q1): $0.11 vs. $0.14 last year. -EPS Decline (Y-o-Y): -21.4% -Analysts Estimate: $0.14 -Revenue (Q1): $477.14 Mln vs. $555.35 Mln last year. -Revenue Change (Y-o-Y): -14.1%

-Guidance: Full year EPS guidance: $1.20 - $1.50