Kennametal Inc. Reports 72% Drop In Q2 Earnings

(RTTNews) - Kennametal Inc. (KMT) revealed earnings for second quarter that fell compared to the same period last year.

The company said its bottom line dropped to $11.57 million, or $0.14 per share. This was lower than $41.36 million, or $0.52 per share, in last year's second quarter.

Analysts had expected the company to earn $0.12 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter fell 22.4% to $524.02 million. This was down from $675.63 million last year.

Kennametal Inc. earnings at a glance:

-Earnings (Q2): $11.57 Mln. vs. $41.36 Mln. last year. -Earnings Decline (Y-o-Y): -72.0% -EPS (Q2): $0.14 vs. $0.52 last year. -EPS Decline (Y-o-Y): -73.1% -Analysts Estimate: $0.12 -Revenue (Q2): $524.02 Mln vs. $675.63 Mln last year. -Revenue Change (Y-o-Y): -22.4%

-Guidance: Full year EPS guidance: $0.85 - $1.05