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News Breaks
June 13, 2014
09:23 EDTKMTKennametal reports orders for three months end May up 15%, up 4% organically
Kennametal provided orders for the 3 months ended May 31, reporting that consolidated orders were 15% higher year-over-year, which reflected acquisition growth related to the Tungsten Materials Business. On an organic basis, orders increased 4% from the prior year period. In May, Kennametal’s order rates showed increased activity year-over-year in most of its served end markets. Compared with prior year, the Industrial segment delivered solid orders growth in the tooling business, as well as continued strength related to its WIDIA products in the distribution channels. Order rates for the Infrastructure segment were higher than prior year primarily due to improved demand in the energy sector, partially offset by lower production levels in underground mining markets.
News For KMT From The Last 14 Days
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January 29, 2015
08:04 EDTKMTKennametal cuts FY15 adjusted EPS $1.90-$2.10 from $2.80-$3.00, consensus $2.70
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08:03 EDTKMTKennametal estimates to achieve $40M-$50M in annaulized savings
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08:02 EDTKMTKennametal faces 'serious challenges' in the future
CEO Don Nolan said, "As attractive as our future may be, Kennametal also faces some serious challenges given that we have underperformed and missed investor expectations. It's clear we have some immediate work to do to deliver better performance by driving organic sales growth, getting our portfolio right and aligning our cost structure accordingly. We are taking additional actions to further reduce our manufacturing footprint and administrative overhead with a newly announced restructuring initiative, Phase 2. These key priorities—portfolio, cost structure and core growth with an accountable, customer-focused culture—are central to developing a path forward that will maximize profitability and generate improved shareholder returns."
08:02 EDTKMTKennametal reports Q2 adjusted EPS 52c, consensus 55c
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