Kennametal Q1 Earnings Beat Market, Declares Dividend; Backs FY24 Outlook; Stock Up - Update

Kennametal

24.59 USD -1.60%

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Kaufen / Verkaufen

(RTTNews) - Kennametal Inc. (KMT), while reporting weak first-quarter earnings, but above market estimates, on Wednesday issued second-quarter outlook, and maintained fiscal 2025 forecast.

Kennametal further announced that its Board of Directors declared a quarterly cash dividend of $0.20 per share, payable on November 26 to shareholders of record as of the close of business on November 12.

In pre-market activity on the NYSE, the shares were gaining around 4.3 percent to trade at $27.72.

For the second quarter, the company expects adjusted earnings per share to be $0.20 to $0.30 on sales of $480 million to $500 million.

Analysts polled by Thomson Reuters expect the company to report profit per share of $0.27 on sales of $492.97 million. Analysts' estimates typically exclude special items.

For fiscal 2025, Kennametal continues to expect adjusted earnings per share in a range of $1.30 to $1.70, and sales of $2.0 billion to $2.1 billion.

The Street is looking for earnings of $1.43 per share on sales of $2.04 billion for the year.

In its first quarter, Kennametal's bottom line totaled $22.12 million or $0.28 per share, down from $30.06 million or $0.37 per share last year.

Adjusted earnings were $22.62 million or $0.29 per share for the period. Analysts had expected the company to earn $0.26 per share.

The company's sales for the quarter fell 2.1 percent to $481.95 million from $492.48 million last year. The Analysts expected sales of $484.07 million.

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