展会介绍： 铸造设备；焊接设备；热处理和涂料设备；金属切割工具: 刀片刀具；磨料，金刚石刀具和超硬金属 刀；辅助工具；加工系统，系统工具，编码和计数刀具；集成工具；控制和测量机械，仪器和工具： CMM三坐标测量机；测量装置，自动线，加工控制设备，线性工具和角度测量，表面和形状精度质量 控制装置；诊断系统和设备的金属切割设备和工具。 配件，设备，零部件，模具，硬件和软件: CNC数控编程系统和可编程控制器；CAE技术/CAD/CAM系 统和程序，软件；金属加工设备，自动化设施和工具内容包括工具杂志和电台，处理设备，工业机器 人，自动化仓库，传感器和整套自动化系统；完整的电气设备和驱动程序，包括线性驱动器；液压和气 压设备，润滑和过滤装置；减速器和电机减速器；块和联轴器，轴承，橡胶，消耗品等；控制系统输入 数据转换器；模具，配件。 修复和现代化的设备，备件和服务；现代信息CAL技术发展: 科学研究项目，技术和设计发展，生产管 理；金属材料加工；科学和研究论文和资料，金属加工行业广告；分包合同；投资项目；科学，职业教 育和生产。 机床及数控机床: 金属加工机床展区: 车、铣、镗、钻、磨、加工中心（卧式、立式、龙门式 ...

Financial Data and Key Metrics Changes - Sales for the fourth quarter decreased 5% year over year, with Metal Cutting declining 4% and Infrastructure declining 5% [16][21] - Adjusted EPS declined to $0.34 compared to $0.49 in the prior year quarter [20] - Adjusted EBITDA margin was 14.8%, down from 17.7% in the prior year quarter [18] - Cash flow from operating activities for the year was $208 million, with a full year free operating cash flow of $121 million compared to $175 million in the prior year [12][25] Business Line Data and Key Metrics Changes - Metal Cutting reported an organic sales decline of 4% year over year, with adjusted operating margin decreasing to 7.9% [21][23] - Infrastructure organic sales decreased by 5% year over year, with adjusted operating margin declining to 6.8% [23][25] - Aerospace and Defense grew 1% year over year, while Transportation declined 4% and General Engineering declined 5% [22][24] Market Data and Key Metrics Changes - Most end markets experienced mid single-digit declines on a constant currency basis, with Energy declining 6% due to lower activity [11][22] - Aerospace and Defense is expected to see low double-digit growth, while Transportation is projected to decline mid-single digits [13][14] Company Strategy and Development Direction - The company is focusing on rightsizing capacity and optimizing its cost structure to address structural cost issues [34][36] - Plans include consolidating operations and maximizing efficiency across all locations, with a target of $125 million in cost savings by 2027 [36][38] - The company aims to maintain flexibility for future recovery while addressing current low volumes [37] Management's Comments on Operating Environment and Future Outlook - Management acknowledged continued market softness and uncertainty around tariffs impacting global production [10][11] - The outlook for fiscal 2026 includes expected sales between $1.95 billion and $2.05 billion, with volume ranging from negative 5% to flat [27] - Management expressed confidence in the long-term prospects of end markets despite near-term challenges [82] Other Important Information - The company returned $122 million to shareholders through share repurchases and dividends [12] - The company has a healthy balance sheet with $840 million of cash and revolver availability at quarter end [26] Q&A Session Summary Question: Can you provide more color on the fiscal year 2026 outlook? - Management indicated a balanced view on the outlook, projecting single-digit declines in certain segments while expecting growth in Aerospace and Defense [40][41] Question: How much of the strategy shift is due to Kennametal's positioning versus macro factors? - Management noted that both structural challenges and market conditions are influencing the strategy, with a focus on sustainable changes [42][44] Question: What is the expected seasonality of earnings for fiscal 2026? - Management expects a normal seasonal pattern with about 40% of EPS in the first half and 60% in the second half [48][51] Question: Are margins expected to improve in fiscal 2026? - Management projected operating margin improvements, although some headwinds from tariffs may compress margins [53][59] Question: How does the company plan to address competitive pressures? - Management emphasized ongoing portfolio optimization and actions to improve performance in low-performing areas [68][70] Question: What is the outlook for the energy end market? - Management expects a flat outlook for energy, with rig counts projected to decline [72] Question: What is the expectation for Aerospace and Defense growth? - Management anticipates stable low double-digit growth in Aerospace and Defense throughout the fiscal year [75]