Q4 earnings per diluted share (EPS) of $0.47 compared to $0.45 in the prior year quarter FY24 EPS of $1.37 and adjusted EPS of $1.50 Strong YTD cash from operations of $277 million compared to $258 million in the prior year; highest as a percent of sales in over 25 years Returned $129 million to shareholders in FY24; $65.4 million in share repurchases and $63.4 million in dividends Completed initial three-year $200 million share repurchase program; previously announced $200 million program in place for FY25 ...

PITTSBURGH, Aug. 5, 2024 /PRNewswire/ -- Kennametal Inc. (NYSE: KMT) today announced that David Bersaglini will join the company as Vice President of Kennametal Inc. and President of the Metal Cutting segment, effective August 26, 2024. Bersaglini has nearly 25 years of experience and comes to the company from Copeland, a spin-off of Emerson, where he was Vice President and General Manager of Global Refrigeration. "Dave brings a strong track record of success to Kennametal, with extensive experience leading ...

Core Points - The FDA has extended the PDUFA action date for revumenib to December 26, 2024, allowing additional time for review [1][3][8] - Revumenib is positioned to be the first drug approved for treating KMT2A-rearranged acute leukemia, addressing a significant unmet medical need [1][10] - The drug has received multiple designations from the FDA, including Breakthrough Therapy, Fast Track, and Orphan Drug designations [9][10] Company Overview - Syndax Pharmaceuticals is a clinical stage biopharmaceutical company focused on developing innovative cancer therapies [8][10] - The company's pipeline includes revumenib, a selective inhibitor targeting the menin-KMT2A binding interaction, and axatilimab, a monoclonal antibody [5][10] Regulatory Process - Revumenib's NDA is under the FDA's Real-Time Oncology Review (RTOR) program, which facilitates a more efficient review process for oncology drugs [9][5] - The FDA's request for additional information constituted a Major Amendment to the NDA, resulting in a standard three-month extension [3][8]

Details of the conference call and webcast are as follows: With over 80 years as an industrial technology leader, Kennametal Inc. delivers productivity to customers through materials science, tooling and wear-resistant solutions. Customers across aerospace and defense, earthworks, energy, general engineering and transportation turn to Kennametal to help them manufacture with precision and efficiency. Every day approximately 8,700 employees are helping customers in nearly 100 countries stay competitive. Kenn ...

Discover innovative tooling solutions, machining demonstrations, giveaways and more at the Kennametal booth "Our Metal Cutting Tour has been wildly successful in engaging with our customers. We're building on this success by bringing the same experience to IMTS with Metal Mania," said Eddie McBarnet, Vice President of Commercial & Marketing, Kennametal. "Attendees can meet with our team of likeminded creators and experts, connect with well-known industry machinists, be the first to discover exclusive new to ...

Image Source: Zacks Investment Research Escalating Costs: Rising operating expenses pose a concern for KMT. In the first nine months of fiscal 2024 (ended March 2024), the company's operating expenses increased year over year due to higher compensation expenses. The impact of these expenditures is evident in the rise of operating expenses as a percentage of total revenues, which climbed 40 basis points to reach 21.8%. In the same period, the company's operating margin decreased 170 basis points due to headw ...

PITTSBURGH, June 11, 2024 /PRNewswire/ -- Kennametal Inc. (NYSE: KMT) ("the Company") announced today that it has resumed operations at its facility in Rogers, AR, following a previous shutdown due to damage from a tornado on May 26. The Company continues to assess the financial effects of the storm and is working with its insurance carrier. About Kennametal SOURCE Kennametal Inc. "The restart of our Rogers facility is a testament to the great teamwork of our local team and the tremendous support and coordi ...

PITTSBURGH, May 28, 2024 /PRNewswire/ -- Kennametal Inc. (NYSE: KMT) ("the Company") announced today that its production facility in Rogers, AR, sustained damage early Sunday morning from a tornado that also affected the larger Rogers community. At the time of the storm, the facility was shut down for the holiday weekend and no employees were onsite. The extent of the damage is currently being assessed. "Our thoughts are with our employees and everyone in the community affected by this storm," said Sanjay C ...

PART I - FINANCIAL INFORMATION This section provides the unaudited condensed consolidated financial statements and management's discussion and analysis for the period [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Unaudited condensed consolidated financial statements show Q3 FY24 sales at $515.8 million and net income at $19.0 million Condensed Consolidated Statements of Income (Unaudited) | (in thousands, except per share) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Nine Months Ended March 31, 2024 | Nine Months Ended March 31, 2023 | | :--- | :--- | :--- | :--- | :--- | | **Sales** | $515,794 | $536,036 | $1,503,591 | $1,527,949 | | **Gross profit** | $153,262 | $167,914 | $455,757 | $470,772 | | **Operating income** | $35,227 | $52,471 | $108,824 | $136,487 | | **Net income attributable to Kennametal** | $18,976 | $31,937 | $72,141 | $82,032 | | **Diluted earnings per share** | $0.24 | $0.39 | $0.90 | $1.01 | Condensed Consolidated Balance Sheets (Unaudited) | (in thousands) | March 31, 2024 | June 30, 2023 | | :--- | :--- | :--- | | **Total current assets** | $999,937 | $1,026,789 | | **Total assets** | $2,518,645 | $2,547,234 | | **Total current liabilities** | $413,245 | $433,975 | | **Total liabilities** | $1,212,751 | $1,233,066 | | **Total Kennametal Shareholders' Equity** | $1,264,559 | $1,275,447 | Condensed Consolidated Statements of Cash Flow (Unaudited) | (in thousands) | Nine Months Ended March 31, 2024 | Nine Months Ended March 31, 2023 | | :--- | :--- | :--- | | **Net cash flow provided by operating activities** | $163,460 | $126,182 | | **Net cash flow used in investing activities** | ($86,111) | ($66,214) | | **Net cash flow used in financing activities** | ($88,659) | ($50,013) | | **Net (decrease) increase in cash and cash equivalents** | ($13,902) | $7,888 | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Detailed notes disclose a restructuring program, segment sales performance, and $91.5 million returned to shareholders - A restructuring program initiated in June 2023 incurred **$18.6 million** in charges through March 31, 2024, with **$6.5 million** in Q3 FY24[32](index=32&type=chunk)[33](index=33&type=chunk) - The company paid **$47.7 million** in dividends and repurchased **$43.8 million** of capital stock during the nine months ended March 31, 2024[57](index=57&type=chunk) - An immaterial business combination in Q2 FY24 for **$6.5 million** resulted in **$3.6 million** goodwill in the Metal Cutting segment[62](index=62&type=chunk) Segment Sales and Operating Income (Q3 FY24 vs Q3 FY23) | Segment (in thousands) | Q3 2024 Sales | Q3 2023 Sales | Q3 2024 Operating Income | Q3 2023 Operating Income | | :--- | :--- | :--- | :--- | :--- | | **Metal Cutting** | $326,561 | $333,507 | $30,809 | $43,765 | | **Infrastructure** | $189,233 | $202,529 | $5,140 | $9,658 | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=22&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) MD&A details Q3 FY24 sales decline, operating income pressure, and a restructuring program targeting $35 million in annualized savings - Q3 FY24 sales of **$515.8 million** decreased **4%** year-over-year due to **2% organic decline**, **1% fewer business days**, and **1% unfavorable currency**[71](index=71&type=chunk) - Q3 FY24 operating income decreased to **$35.2 million** from **$52.5 million** due to lower volumes, **~$6 million** restructuring charges, inflation, and **~$2 million** unfavorable currency[72](index=72&type=chunk) - A restructuring program targets **~$35 million** in annualized pre-tax savings by end of FY2024, with **$18.6 million** in charges recorded through March 31, 2024[83](index=83&type=chunk) - The company returned **$91.5 million** to shareholders in the first nine months of FY2024, including **$43.8 million** in share repurchases and **$47.7 million** in dividends[77](index=77&type=chunk) [Results of Continuing Operations](index=23&type=section&id=RESULTS%20OF%20CONTINUING%20OPERATIONS) Q3 FY24 sales decreased 4% to $515.8 million, with gross profit margin contracting to 29.7% and the effective tax rate increasing to 27.4% - Gross profit margin for Q3 FY24 was **29.7%**, down from **31.3%** due to lower volumes, inflation, and unfavorable raw material cost timing in Infrastructure[79](index=79&type=chunk) - The effective tax rate for Q3 FY24 was **27.4%**, up from **24.4%** YoY, while the nine-month rate was **15.5%**, down from **23.9%** YoY[87](index=87&type=chunk)[88](index=88&type=chunk) End Market Sales Growth (Decline) - Q3 FY24 vs Q3 FY23 (Constant Currency) | End Market | Constant Currency Growth (Decline) | | :--- | :--- | | Aerospace & Defense | 10% | | Transportation | 0% | | General Engineering | (2)% | | Earthworks | (5)% | | Energy | (14)% | [Business Segment Review](index=24&type=section&id=BUSINESS%20SEGMENT%20REVIEW) This section reviews Metal Cutting and Infrastructure segments, detailing sales and operating margin declines for both in Q3 FY24 Metal Cutting Performance (Q3 FY24) | Metric | Value | Change (YoY) | | :--- | :--- | :--- | | Sales | $326.6M | -2% | | Organic Sales Growth | 0% | - | | Operating Income | $30.8M | -29.7% | | Operating Margin | 9.4% | from 13.1% | Infrastructure Performance (Q3 FY24) | Metric | Value | Change (YoY) | | :--- | :--- | :--- | | Sales | $189.2M | -7% | | Organic Sales Decline | (5)% | - | | Operating Income | $5.1M | -47.6% | | Operating Margin | 2.7% | from 4.8% | [Liquidity and Capital Resources](index=30&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) Strong liquidity with $163.5 million cash from operations, $92.1 million cash, and $692.5 million credit facility availability - Operating cash flow for the nine months ended March 31, 2024, was **$163.5 million**, up from **$126.2 million**, driven by favorable working capital changes[108](index=108&type=chunk)[116](index=116&type=chunk) - As of March 31, 2024, the company held **$92.1 million** in cash, **$608.1 million** in total debt, and **$692.5 million** available under its **$700 million** credit facility[111](index=111&type=chunk)[113](index=113&type=chunk) - A new **$200 million**, three-year share repurchase program was authorized on February 2, 2024, following **$44 million** in repurchases during the nine months to March 31, 2024[114](index=114&type=chunk)[115](index=115&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes to its market risk exposures since June 30, 2023 - The company reports no material changes to its market risk exposures since June 30, 2023[139](index=139&type=chunk) [Controls and Procedures](index=37&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of March 31, 2024, with no material changes to internal control over financial reporting - The CEO and CFO concluded the company's disclosure controls and procedures were effective as of March 31, 2024[140](index=140&type=chunk) - No material changes occurred to internal control over financial reporting during the most recent fiscal quarter[141](index=141&type=chunk) [Other Information](index=37&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted, modified, or terminated a Rule 10b5-1 trading plan during the quarter ended March 31, 2024 - No directors or officers adopted, modified, or terminated a Rule 10b5-1 trading plan in the quarter ended March 31, 2024[142](index=142&type=chunk) PART II - OTHER INFORMATION This section covers legal proceedings, equity security transactions, and exhibits filed with the report [Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ordinary course legal proceedings, none of which are deemed material to its financial condition - The company is not party to any legal proceedings deemed material to its financial condition[144](index=144&type=chunk) [Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities](index=38&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%2C%20Use%20of%20Proceeds%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company repurchased 616,409 shares in Q3 FY24 and authorized a new $200 million share repurchase program - A new **$200 million**, three-year share repurchase program was authorized on February 2, 2024, with **$221.9 million** remaining available as of March 31, 2024[145](index=145&type=chunk) Issuer Purchases of Equity Securities (Q3 FY2024) | Period | Total Shares Purchased | Average Price Paid per Share | Shares Purchased as Part of Program | | :--- | :--- | :--- | :--- | | Jan 2024 | 6,051 | $25.19 | — | | Feb 2024 | 366,779 | $24.34 | 365,000 | | Mar 2024 | 243,579 | $25.06 | 243,500 | | **Total** | **616,409** | **$24.63** | **608,500** | [Exhibits](index=39&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO/CFO certifications and XBRL Interactive Data Files - The filing includes required CEO/CFO certifications and XBRL data files as exhibits[147](index=147&type=chunk)[148](index=148&type=chunk)

Kennametal Inc. (KMT) reported third-quarter fiscal 2024 (ended Mar 31, 2024) adjusted earnings of 30 cents per share, which missed the Zacks Consensus Estimate of 31 cents. The bottom line decreased 23.1% from the year-ago figure.Revenue DetailsKennametal’s revenues were $515.8 million, which decreased 3.8% from the year-ago quarter’s figure. Organic sales declined 2% year over year. Business days had a negative impact of 1%. Currency exchange negatively affected sales by 1%.KMT’s revenues missed the Zacks ...