Kennametal Q2 Profit Drops - Quick Facts

(RTTNews) - Kennametal Inc. (KMT) Thursday reported second-quarter profit of $24.21 million or $0.30 per share, down significantly from $42.14 million or $0.52 per share in the same period last year. The latest quarter adjusted earnings per share were $0.52, absent operating results of the Tungsten Materials Business acquired from ATI, acquisition-related charges, restructuring charges and tax repatriation expense.

Three-month sales grew to $689.94 million from $633.14 million a year earlier. Sales were up 9 percent, reflecting a 2 percent organic increase and a 7 percent increase from the TMB acquisition. Kennametal said it reported solid profitability although margin expansion lagged top-line growth this quarter.

On average, 14 analysts polled by Thomson Reuters expected the company to earn $0.60 per share, on $664.40 million sales for the second quarter. Analysts' estimates typically exclude special items.