Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Kennametal Jumps after Topping Estimates

Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Kennametal Jumps after Topping Estimates

Article excerpt

Kennametal shares jumped in early trading Tuesday after the Pittsburgh tool maker reported better than expected fiscal fourth-quarter results and said it expects selling prices to continue outpacing raw material price increases.

The company reported net income of $68.5 million, or 83 cents per share, versus earnings of $24.6 million, or 30 cents per share, in the year-ago quarter. Sales rose 14 percent to $646.1 million.

Last year's results included pretax costs of $20.8 million for restructuring and asset impairments versus similar costs of $5.1 million in the most recent quarter.

Excluding one-time items, adjusted earnings amounted to 87 cents per share versus analyst forecasts of 80 cents per share. Sales also topped analyst estimates of $632 million.

"Every business segment reported significant growth and profitability improvement, and we continue to see strong end market demand," President and CEO Chris Rossi said in a statement. …

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