Kennametal Inc. Q1 Profit Drops 75%

(RTTNews) - Kennametal Inc. (KMT) released earnings for first quarter that retreated compared to the same period last year.

The company said its profit came in at $11.30 million, or $0.14 per share. This was lower than $45.05 million, or $0.56 per share, in last year's first quarter.

Analysts had expected the company to earn $0.22 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter fell 20.1% to $555.35 million. This was down from $694.94 million last year.

Kennametal Inc. earnings at a glance:

-Earnings (Q1): $11.30 Mln. vs. $45.05 Mln. last year. -Earnings Decline (Y-o-Y): -74.9% -EPS (Q1): $0.14 vs. $0.56 last year. -EPS Decline (Y-o-Y): -75.0% -Analysts Estimate: $0.22 -Revenue (Q1): $555.35 Mln vs. $694.94 Mln last year. -Revenue Change (Y-o-Y): -20.1%

-Guidance: Full year EPS guidance: $1.50 - $1.70