(Source: Pittsburgh Post-Gazette)
By Len Boselovic, Pittsburgh Post-Gazette
Oct. 29--Kennametal today reported a smaller than expected fiscal first-quarter loss of $9.8 million, or 12 cents per diluted share.
The results reflect pretax restructuring charges of $9 million, or 6 cents per share. Sales fell 36 percent to $409.4 million.
Analysts were forecasting the Latrobe toolmaker would post a loss of 15 cents per share, excluding one-time items.
In the year-ago quarter, Kennametal earned $35.5 million, or 47 cents per diluted share, on sales of $643.4 million.
The company said it is approaching its goal of saving $125 million annually through cost reductions and operating efficiencies.
"Our September quarter performance reflects the positive effect and future potential of the many difficult actions we took during the global economic downturn," Chairman, President and CEO Carlos Cardoso said.
He forecast second-quarter earnings per share will be break even or slightly better, excluding restructuring and divestiture-related charges. For the fiscal year ending June 30, per-share earnings will be between 50 cents and 70 cents, excluding charges, he said.
The results were released before the market opened. In early trading, Kennametal shares were priced at $24.19, up $1.44. They are up 9 percent for the year.
Len Boselovic can be reached at lboselovic@post-gazette.com or 412-263-1941.
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