Kennametal Q1 Profit Down

(RTTNews) - Kennametal Inc. (KMT) Thursday reported first-quarter profit of $37.84 million or $0.48 per share, down from $46.39 million or $0.57 per share in the same period last year.

On average, 13 analysts polled by Thomson Reuters expected the company to earn $0.55 per share for the quarter. Analysts' estimates typically exclude special items.

Sales dropped to $620 million from $629 million last year. Analysts expected sales of $622.21 million.

Looking ahead to the fiscal 2014, the company has reduced its earnings outlook to a range of $2.90 to $3.05 per share, from its previous expectation of $2.90 to $3.10 per share. Analysts currently expect full-year 2014 earnings of $3.61 per share.