Kennametal Inc. Q1 Profit Decreases, But Beats Estimates

(RTTNews) - Kennametal Inc. (KMT) reported a profit for first quarter that decreased from the same period last year but beat the Street estimates.

The company's bottom line totaled $22.12 million, or $0.28 per share. This compares with $30.06 million, or $0.37 per share, in last year's first quarter.

Excluding items, Kennametal Inc. reported adjusted earnings of $22.62 million or $0.29 per share for the period.

Analysts on average had expected the company to earn $0.26 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 2.1% to $481.95 million from $492.48 million last year.

Kennametal Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $22.12 Mln. vs. $30.06 Mln. last year. -EPS (Q1): $0.28 vs. $0.37 last year. -Revenue (Q1): $481.95 Mln vs. $492.48 Mln last year.