Kennametal revenues rise, net income up
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Kennametal Corp.’s sales jumped by 26% in the July-through-September quarter compared with a year ago and earnings per share rose 69 cents from the same quarter a year ago, the company said Monday.
The Pittsburgh-based maker of metalworking tools said it earned 43 cents a share on sales of $483.5 million in the first quarter of the company’s fiscal year, a turnaround from a loss of 26 cents per share on sales of $400 million for the same period in 2020. The company posted a net income of $37.7 million, up from $23.7 million for the same quarter of 2020.
The improvement in year-over-year margins was driven by strong operating leverage and strategic pricing, Kennametal CEO Christopher Rossi said.
For the current quarter, which ends Dec. 31, the company anticipates sales will increase between 9% and 14% over the same period a year ago.
Kennametal declared a quarterly cash dividend of 20 cents per share, payable on Nov. 23, to shareholders of record as of Nov. 9.
Kennametal shares closed Monday at $41.19 in trading, a 3.6% increase of $1.44 per share.