Kennametal Reports Higher Q2 Income But Fails To Match Street View

(RTTNews) - The Pennsylvania-based company, Kennametal Inc. (KMT) reported a better income in the second quarter, primarily on higher sales, but the earnings failed to meet the analysts' estimates.

Net income reported by the company was $31.42 million or $0.38 earnings per share, up from $19.39 million or $0.23 earnings per share in the last quarter. On an adjusted basis, the earnings were $29.22 million or $0.35 earnings per share, up from $13.31 million or $0.16 million in the same period last year. On average, 12 analysts polled by Thomson Reuters estimated the earnings to be $0.38 for the quarter.

The net sales reported by the company were $486.67 million, compared to $440.51 million last year. The rise was attributed chiefly to the 11% organic growth of the company. Analysts estimated revenue to be $496.17 million in the term.

For the third quarter, the company expects revenue in the range of $500 million to $520 million. Analyst guidance for revenue comes at $536.47 million.

Christopher Rossi, President and CEO of the company said, "Underlying demand is strong and we expect higher than normal sequential sales trends through the balance of the fiscal year despite the continuing macroeconomic uncertainty."