Kennametal Announces Higher Second Quarter Revenues But Fails To Match Street View

(RTTNews) – Pennsylvania-based Kennametal Inc. (KMT) posted better revenue in the second quarter, driven mainly by higher sales, but earnings fell short of analysts’ estimates.

The company’s reported net income was $31.42 million or $0.38 earnings per share, compared to $19.39 million or $0.23 earnings per share last quarter. On an adjusted basis, earnings were $29.22 million or $0.35 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 earnings at $0.38 for the quarter.

Net sales reported by the company were $486.67 million, compared to $440.51 million last year. This increase is mainly attributable to the company’s organic growth of 11%. Analysts estimated revenue at $496.17 million at term.

For the third quarter, the company expects revenue of between $500 million and $520 million. Analyst forecast for revenue is $536.47 million.

Christopher Rossi, President and CEO of the company, said: “Underlying demand is strong and we expect sequential above-normal sales trends throughout the year, despite the uncertainty. persistent macroeconomics.

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