Kennametal: Fiscal 4Q Earnings Snapshot
PITTSBURGH (AP) _ Kennametal Inc. (KMT) on Monday reported fiscal fourth-quarter net income of $62 million.
On a per-share basis, the Pittsburgh-based company said it had profit of 74 cents. Earnings, adjusted for one-time gains and costs, came to 84 cents per share.
The results fell short of Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 86 cents per share.
The engineered products maker posted revenue of $603.9 million in the period, which also did not meet Street forecasts. Five analysts surveyed by Zacks expected $643.2 million.
For the year, the company reported profit of $241.9 million, or $2.90 per share. Revenue was reported as $2.38 billion.
Kennametal shares have decreased 5.5% since the beginning of the year. In the final minutes of trading on Monday, shares hit $31.45, a fall of 17% in the last 12 months.