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 ...

PITTSBURGH, May 9, 2024 /PRNewswire/ --  Kennametal Inc. (NYSE: KMT) announced today that they will attend the KeyBanc 2024 Industrials and Basic Materials Conference in Boston. Details of the conference are as follows: When:        May 29, 2024 Attendees:  Patrick Watson, Vice President and Chief Financial Officer Franklin Cardenas, Vice President Kennametal Inc., President Infrastructure Michael Pici, Vice President, Investor Relations About KennametalWith over 80 years as an indus ...

For the quarter ended March 2024, Kennametal (KMT) reported revenue of $515.79 million, down 3.8% over the same period last year. EPS came in at $0.30, compared to $0.39 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $522.04 million, representing a surprise of -1.20%. The company delivered an EPS surprise of -3.23%, with the consensus EPS estimate being $0.31.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how ...

Kennametal (KMT) came out with quarterly earnings of $0.30 per share, missing the Zacks Consensus Estimate of $0.31 per share. This compares to earnings of $0.39 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -3.23%. A quarter ago, it was expected that this engineered products maker would post earnings of $0.25 per share when it actually produced earnings of $0.30, delivering a surprise of 20%.Over the last four quarters, the ...

Exhibit 99.1 FOR IMMEDIATE RELEASE: DATE: May 8, 2024 Investor Relations Media Relations CONTACT: Michael Pici CONTACT: Lori Lecker PHONE: 412-790-0792 PHONE: 412-248-8224 michael.pici@kennametal.com lori.lecker@kennametal.com Kennametal Announces Fiscal 2024 Third Quarter Results PITTSBURGH, (May 8, 2024) – Kennametal Inc. (NYSE: KMT) (the "Company") today reported results for its fiscal 2024 third quarter ended March 31, 2024, with sales of $516 million, compared to $536 million in the prior year quarter, ...

In its upcoming report, Kennametal (KMT) is predicted by Wall Street analysts to post quarterly earnings of $0.31 per share, reflecting a decline of 20.5% compared to the same period last year. Revenues are forecasted to be $522.04 million, representing a year-over-year decrease of 2.6%.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.Before a ...

Wall Street expects a year-over-year decline in earnings on lower revenues when Kennametal (KMT) reports results for the quarter ended March 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on May 8. On the oth ...

PITTSBURGH, April 24, 2024 /PRNewswire/ -- Kennametal Inc. (NYSE: KMT) announced today that they will attend the BofA Securities Transportation, Airlines and Industrials Conference in New York City. Details of the conference are as follows: When: May 15, 2024 Attendees: Patrick Watson, Vice President and Chief Financial Officer Michael Pici, Vice President, Investor Relations John Witt, Vice President Finance and Corporate Controller About KennametalWith over 80 years as an indus ...