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August 14, 2014
09:23 EDTKMTKennametal reports July period consolidated orders up 17%
Kennametal provided orders for the 3 months ended July 31. Consolidated orders were 17% higher year-over-year, which primarily reflected acquisition growth related to the Tungsten Materials Business. On an organic basis, orders increased 5% from the prior year period. "In July, Kennametal’s order rates reflected continued growth year-over-year in most of its served end markets. Compared with the prior year, the Industrial segment reported ongoing demand in the tooling business, as well as higher activity levels related to its WIDIA products in the distribution channels. Order rates for the Infrastructure segment were at a relatively similar level year-over-year. Oil and gas orders activity continued to improve; however, it was largely offset by a decrease in the earthworks business from lower production levels in underground mining markets," the company said.
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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